Iceland: Fourth Post-Program Monitoring Discussions

July 10, 2014

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Iceland: Fourth Post-Program Monitoring Discussions, (USA: International Monetary Fund, 2014) accessed November 23, 2024

Summary

This paper discusses Iceland’s Fourth Post-Program Monitoring Discussions. Iceland’s economy has grown strongly on the back of booming tourism. Real GDP grew 3.3 percent in 2013, despite a drop in investment spending. Net exports were the primary driver. High frequency indicators suggest strong net exports—including steady growth in off-season tourism—have continued in Q1 2014, along with rising private consumption. Inflation has fallen below the Central Bank of Iceland’s 2.5 percent target but long-term inflation expectations remain noticeably above this level. The government’s medium-term fiscal objectives deserve support, but further effort is needed to achieve them.

Subject: Asset and liability management, Balance of payments, Banking, Capital controls, Debt relief, External debt, Foreign exchange, Public debt

Keywords: BoP prospect, Capital controls, Central bank, CR, Debt relief, Foreign currency purchase, Global, Inflation expectation, ISCR, MPC, Pace of inventory accumulation, Staff appraisal

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/194
Stock No:

1ISLEA2014001
ISBN:

9781498308106
ISSN:

1934-7685

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