The Balance of Payments in 2002
According to provisional figures, there was a 0.6 billion ISK surplus on the current account of the balance of payments in 2002. In 2001 there was a deficit of 29 billion ISK and 69 billion in the year 2000. Exports of goods and services rose by 4.3 percent from the previous year while imports contracted by 1.6 percent, calculated on the basis of fixed exchange rates. The deficit on the income account was 14.3 billion ISK in 2002 compared to a deficit of 24.4 billion in the year before. A lower debt position and lower interest rates in foreign capital markets explain this improvement in addition to increased income from foreign investment.
Summary Balance of
Payments in billions of krónur
|
|
October- |
December |
|
January- |
December |
|
|
2001 |
2002 |
|
2001 |
2002 |
|
Current account |
6.9 |
-0.9 |
|
-29.0 |
0.6 |
|
Exports of goods & services |
82.7 |
72.1 |
|
303.6 |
307.3 |
|
Imports of goods & services |
-73.5 |
-71.1 |
|
-307.3 |
-293.5 |
|
Income and current transfers, net |
-2.3 |
-1.8 |
|
-25.4 |
-13.2 |
|
Capital and financial account |
3.9 |
-4.1 |
|
32.0 |
-5.3 |
|
Financial flows excl. reserves |
2.6 |
-15.1 |
|
26.8 |
0.5 |
|
Reserve assets |
1.3 |
11.0 |
|
4.8 |
-5.7 |
|
Net errors and omissions |
-10.8 |
5.0 |
|
-3.0 |
4.7 |
The international investment position was negative by 562.6 billion ISK at the end of 2002 compared to 594 billion ISK at the end of 2001. The change in a net external debt position is mainly the result of an appreciation of the Icelandic króna in the course of 2002.
Detailed information on the balance of payments and the international investment position is available on the website of the Central Bank of Iceland.
Nr. 4/2003
March 7, 2003