Weekly bulletin 12 August 2024

Departure by non-domestic travellers from Leifsstöð International Airport in July were very similar to the previous year while departures by domestic tourists are somewhat fewer. August measurements for the consumer price index take place this week and several listed companies publish results.

12 August 2024

The week ahead

Today, the Directorate of Labour publishes registered unemployment in July.
On Wednesday, Amaroq and Kvika Bank publish results. The UK and USA publish inflation figures.
On Thursday, Alvotech, Eik and SKEL publish results.
On Friday, the Central Bank of Iceland (CBI) publishes results of a market expectation survey and payment mediation figures.
Price measurements for the August consumer price index will be carried out this week.

Image of the week

Most economic indicators of the travel and hospitality sector show that the sector has reached a turning point following rather rapid growth in recent years. Departures from Leifsstöð by non-domestic tourists exceeded departures in the first 7 months of the previous year by 0.9%; VAT reports in typical sub-sectors of the travel industry exceeded that of the first 4 months of the previous year by 3.6% in real terms; non-domestic payment card turnover diminished by 12% in real terms in the first 6 months of the year; and, registered overnight stays by non-domestic guests in all types of registered accommodation were 4.1% fewer in the first 6 months of the year than in 2023. In general, the first months of the year showed a stronger performance than the summer months. August figures will be interesting as it is typically the most significant month in the Icelandic travel and hospitality sector.

Highlights of the previous week

Around 277 non-domestic travellers passed through Leifsstöð International Airport, 0.5% more than in July 2023. July figures are a notable improvement from June, when traveller numbers were down by 9% between years. This year to date, non-domestic traveller visits to Iceland are up by around 0.9% compared to the same period the previous year. Domestic tourist departures were rather fewer in July this year than in the same month last year, or 63,000, a reduction of more than 11% compared to July 2023. To date, travel abroad by Icelanders is similar in volume to last year.
The trade balance was negative by ISK 34 billion in July. In the first 7 months of the year, the deficit amounted to ISK 223 billion, 5% more than in the same period of 2023.
Icelandair and Play released load figures.
Nasdaq Iceland accepted equities in Play for trading on the Primary Market.
Municipality Credit Iceland and Government Debt Management issued bonds.

Statistics and market data

Weekly bulletin 12 August 2024 (PDF in Icelandic)

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