11 July 2022 - Landsbankinn
The Icelandic stock market dropped by 2.1% in June, compared to a 9.9% decrease in May.
Last week’s highlights
- Icelandair and PLAY published traffic data for May.
- The CBI released the real effective exchange rate based on June prices and published other statistics and data.
- The CBI released minutes of the MPC’s meeting on the last policy rate decision.
- The unemployment rate decreased to 3.3% in June, down from 3.9% in May.
The week ahead
- Today, the Icelandic Tourist Board publishes departures from Keflavík International Airport for June and Government Debt Management publishes market information.
- On Thursday, the CBI publishes the real effective exchange rate based on prices in June and Sjóvá publishes Q1 earnings.
Markets and Economic Overview
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6 August 2024
Overnight stays by non-Icelandic travellers across all registered accommodation types contracted by 1.4% between years in June. This contraction is lower than that measured in non-domestic tourist numbers and payment card turnover
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15 July 2024
The volume of travellers to Iceland decreased by 9% in June this year compared to June 2023. Unemployment was 3.1% in June, slightly higher than the same time last year.
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8 July 2024
High interest rates have encouraged savings and detracted from demand in the economy. Household deposits had grown by 20% in May this year from the same month in 2023, according to the Central Bank of Iceland’s (CBI) newly published Hagvísar. Demand deposits have increased most.
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1 July 2024
The consumer price index (CPI) rose by 0.48% in June. As a result, inflation measured 5.8%, down from 6.2%. Turnover based on March-April VAT reports contracted by 4.6% in real terms and the wage index rose by 0.2% in May, according to figures released by Statistics Iceland last week.
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The housing price index was up by 1.4% in May and the rental price index by 3.2%, according to figures published last week. While the Bank of England maintained an unchanged policy rate, the Swiss National Bank lowered its rate by 0.25 percentage points. Of most interest domestically this week is without doubt the CPI, to be published by Statistics Iceland on Thursday.
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Last week, we saw the publication of unemployment figures, tourist numbers and domestic payment card turnover in May. The US Federal Reserve kept its policy rate unchanged. Later today, the Housing and Construction Authority (HMS) releases the housing price index.
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3 June 2024
Domestic product contracted by 4% in the first quarter of the year and inflation measured 6.2% in May, slightly higher than predicted.