The current account surplus measured 45.7 b.kr. in Q3/2024. This represents an improvement of 84 b.kr. relative to the previous quarter but a deterioration of 40.9 b.kr. relative to Q3/2023. There was a deficit on goods trade in the amount of 76 b.kr and a 140.5 b.kr. surplus on services trade (See the Statistics Iceland webpage). The deficit on primary income amounted to 6.6 b.kr. and the deficit on secondary income 12.2 b.kr. (Table 1).
This is included in new information published on the Central Bank of Iceland website, showing the preliminary balance of payments in Q3/2024 and the external position of the economy at the end of the quarter.
Table 1: Balance of payments (b.kr.)
| 2024/3 | 2024/2 | 2024/1 | 2023/4 | 2023/3 | |
|---|---|---|---|---|---|
| Current account balance | 45.7 | -38.3 | -33.7 | -14.3 | 86.6 |
| Balance on goods | -76.0 | -89.2 | -52.3 | -77.8 | -84.4 |
| Balance on services | 140.5 | 67.4 | 17.6 | 37.3 | 155.0 |
| Balance on primary income | -6.6 | -2.1 | 12.3 | 39.2 | 28.6 |
| Secondary income, net | -12.2 | -14.4 | -11.3 | -13.0 | -12.5 |
| Capital account | -0.4 | -1.4 | -0.8 | -1.4 | -0.7 |
| Financial account | 39.2 | -49.5 | 20.2 | -4.4 | 38.3 |
| Direct investment | -46.7 | -12.9 | 11.0 | 21.3 | -139.2 |
| Portfolio investment | 28.5 | 96.0 | -201.6 | 96.0 | 100.3 |
| Derivatives | -2.7 | 1.5 | -0.1 | -3.7 | -6.9 |
| Other investments | 69.2 | -112.6 | 91.1 | -122.1 | 90.4 |
| International reserves | -9.1 | -21.4 | 119.8 | 4.0 | -6.3 |
| Net errors and omissions | -6.1 | -9.9 | 54.7 | 11.2 | -47.7 |
Table 2: Quarter-on-quarter change in international investment position (b.kr.)
| Position at end Q3/2024 | Financial account | Exhange rate and price changes | Other changes | Position at end Q2/2024 | |
|---|---|---|---|---|---|
Foreign assets, total | 6,351 | 76 | 103 | 16 | 6,155 |
Direct investment | 1,035 | -9 | 0 | 8 | 1,036 |
Portfolio investment | 3,682 | 53 | 74 | 0 | 3,556 |
Derivatives* | 15 | -3 | 13 | 0 | 5 |
Other investments | 720 | 45 | -4 | 9 | 670 |
International reserves | 899 | -9 | 21 | 0 | 888 |
Foreign liabilities, total | 4,558 | 37 | -5 | 34 | 4,492 |
Direct investment | 1,749 | 37 | -17 | 17 | 1,711 |
Portfolio investment | 1,540 | 24 | 25 | 0 | 1,491 |
Derivatives* | 9 | 0 | -4 | 0 | 13 |
Other investments | 1,259 | -24 | -9 | 16 | 1,277 |
Net international investment position (NIIP) | 1,793 | 39 | 109 | -17 | 1,663 |
% of GDP | 40.2% | 0.9% | 2.4% | -0.4% | 37.2% |