Iceland: 2013 Article IV Consultations and Third Post-Program Monitoring Discussions

August 7, 2013

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Iceland: 2013 Article IV Consultations and Third Post-Program Monitoring Discussions, (USA: International Monetary Fund, 2013) accessed November 21, 2024

Summary

This 2013 Article IV Consultation highlights that Iceland’s economy is on a path to recovery, but legacy vulnerabilities are weighing on growth. GDP growth—which reached 2.9 percent in 2011—slowed to 1.6 percent in 2012 amid private sector deleveraging and weak external demand. Unemployment has continued to decline however, standing at 5.1 percent in May, down from a peak of 9.2 percent in September 2010. Inflation has come down to 3.3 percent in June from a peak of 18.6 in January 2009, but remains above the central bank’s target of 2½ percent. The outlook is for modest growth, declining inflation, and improving fiscal and external position.

Subject: Balance of payments, Banking, Capital controls, External debt, Financial institutions, Fiscal consolidation, Fiscal policy, Loans, Public debt

Keywords: Broad money, Capital controls, Central bank's authority, Control, CR, Europe, Fiscal consolidation, Global, IMF staff estimate, Inflation expectation, ISCR, Loan valuation uncertainty, Loans, Market access

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/256
Stock No:

1ISLEA201300
ISBN:

9781475558401
ISSN:

1934-7685

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