04 December 2017

Current account surplus 68.1 b.kr. in Q3 – net IIP positive by 108 b.kr.

Central Bank of Iceland

The current account surplus measured 68.1 b.kr. in Q3/2017. There was a deficit on goods trade in the amount of 47.5 b.kr and a 117.5 b.kr. surplus on services trade, as well as a 1.6 b.kr. surplus on primary income and a 3.5 b.kr. deficit on secondary income.

This is included in new information published on the Central Bank of Iceland website, showing the preliminary balance of payments in Q3/2017 and the external position of the economy at the end of the quarter.

According to the preliminary figures, foreign assets totalled 3,307 b.kr. at the end of the quarter, while foreign liabilities totalled 3,198 b.kr. The net external position was therefore positive by 108 b.kr., or 4.4% of GDP, and improved by 125 b.kr., or 5% of GDP, between quarters. Net financial transactions improved the international investment position by 72 b.kr., as foreign liabilities declined by 398 b.kr. and foreign assets by 326 b.kr. as a result of the transactions. Price and exchange rate movements had a positive impact on the international investment position in the amount of 91 b.kr., owing to a 4.5% increase in foreign securities market prices and a 5% depreciation of the króna in trade-weighted terms.

Here is a pdf-file of the press release with tables and footnotes.

No. 26/2017
4 December 2017