Economy news

 

Wednesday, May 17, 2017

MPC decision on interest rates - lowered

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.25 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 4.75%.

Read more 

Thursday, April 27, 2017

Consumer price index in March 2017

The Consumer Price Index (CPI) based on prices in April 2017 is 442.1 points (May 1988=100), 0.50% higher than in March 2017. The CPI less housing cost is 389.2 points, unchanged from March.

Cost of owner occupied housing (imputed rent), rose by 2.6% (effect on the index 0.49%).

The CPI is 1.9% higher in April 2017 than in April 2016 while the CPI less housing cost is 1.8% lower than one year ago. 

The CPI compiled in the middle of April 2017, 442.1 points, is applicable for indexation purposes in June 2017. The old credit terms index for June 2017 is 8,729 points. 

Read more

Tuesday, March 28, 2017

Consumer price index in February 2017

The Consumer Price Index (CPI) based on prices in March 2017 is 439.9 points (May 1988=100) which is 0.07% higher than in the previous month. The CPI less housing cost is 389.2 points, 0.28% lower than in February 2017.

Prices of clothing and footwear rose by 7.9% (effect on the index 0.30%) and the cost of owner occupied housing (imputed rent) rose by 1.7% (0.28%). Products and services related to transport declined by 1.7% (-0.25%), prices of food and non-alcoholic beverages declined by 0.8% (-0.13%) and prices of furnishings and other household equipment declined by 2.7% (-0.11%).

The CPI is 1.6% higher in March 2017 than in March 2016 while the CPI less housing cost has decreased by 1.7% from one year ago.

Read more  

Friday, March 17, 2017

Republic of Iceland Ratings Raised To 'A/A-1' Outlook Stable

• We believe that the recent lifting of most of the remaining capital controls and
the conclusion of an agreement with the owners of offshore krona assets strengthen
Iceland's external profile.
• We are therefore raising our long- and short-term ratings on Iceland to 'A/A-1'
from 'A-/A-2'.
• The stable outlook reflects our view that the potential for improvements in
Iceland's public finances is balanced by the risk of the domestic economy
overheating over the next two years.

S&P report

Wednesday, March 15, 2017

MPC decision on interest rates

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 5%.

Read more 

Monday, February 27, 2017

Consumer Price Index in February 2017

The Consumer Price Index (CPI) based on prices in February 2017 is 439.6 points (May 1988=100) which is 0.71% higher than in the previous month. The CPI less housing cost is 390.3 points, 0.59% higher than in January 2017.

The CPI is 1.9% higher in February 2017 than in February 2016 while the CPI less housing cost has decreased by 1.0% from one year ago.

The CPI compiled in the middle of February 2017, 439.6 points, is applicable for indexation purposes in April 2017. The old credit terms index for April 2017 is 8,680 points.

Read more  

Wednesday, February 08, 2017

MPC decision on interest rates

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 5%.

Read more 

Friday, January 27, 2017

Consumer Price Index in January 2017

The Consumer Price Index (CPI) based on prices in January 2017 is 436.5 points (May 1988=100) which is 0.57% lower than in the previous month. The CPI less housing cost is 388.0 points, 1.20% lower than in December 2016.

The CPI is 1.9% higher in January 2017 than in January 2016 while the CPI less housing cost has decreased by 0.9% from one year ago.

The CPI compiled in the middle of January 2017, 436.5 points, is applicable for indexation purposes in March 2017. The old credit terms index for March 2017 is 8,619 points.

Read more  

Saturday, January 14, 2017

Fitch revises outlook on Iceland to positive

Fitch Ratings has revised the outlook on Iceland’s long-term foreign and local currency IDRs to positive from stable. The IDRs are affirmed at BBB+. The issue ratings on Iceland’s senior unsecured foreign- and local-currency bonds were also affirmed at BBB+. The country ceiling was affirmed at BBB+ and the short-term foreign-currency IDR and commercial paper (CP) at F2

Report

Saturday, January 14, 2017

S&P raises Iceland‘s long-term ratings to A- on stronger external position

The rating agency S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Iceland to A- from BBB+. At the same time, the A-2 short-term ratings were confirmed. The outlook is stable.

S&P Report

Thursday, December 22, 2016

Consumer Price Index in December 2016

The Consumer Price Index (CPI) based on prices in December 2016 is 439.0 points (May 1988=100) which is 0.14% higher than in the previous month. The CPI less housing cost is 392.7 points, 0.18% lower than in November.
The cost of owner occupied housing (imputed rent) rose by 1.6% (effect on the index 0.26%).

The CPI is 1.9% higher in December 2016 than in December 2015 while the CPI less housing cost has decreased by 0.8% from one year ago.

The CPI compiled in the middle of December 2016, 439.0 points, is applicable for indexation purposes in February 2017. The old credit terms index for February 2017 is 8,668 points.

Read more   

Wednesday, December 14, 2016

MPC decision on interest rates

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.25 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 5%.

Read more 

Friday, November 25, 2016

Consumer price index in November 2016

The Consumer Price Index (CPI) based on prices in November 2016 is 438.4 points (May 1988=100) which is 0.02% lower than in the previous month. The CPI less housing cost is 393.4 points, 0.41% lower than in October.
The cost of owner occupied housing (imputed rent) rose by 1.4% (effect on the index 0.22%). Prices of food and non-alcoholic beverages decreased by 0.7% (-0.10%) and international airfares decreased by 9.3% (-0.10%).
The CPI is 2.1% higher in November 2016 than in November 2015 while the CPI less housing cost has decreased by 0.3% from one year ago.

The CPI compiled in the middle of November 2016, 438.4 points, is applicable for indexation purposes in January 2017. The old credit terms index for January 2017 is 8,656 points.

Read more   

Wednesday, November 16, 2016

MPC decision on interest rates - unchanged

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 5.25%.

Read more 

Thursday, October 27, 2016

Consumer price index in October 2016

The Consumer Price Index (CPI) based on prices in October 2016 is 438.5 points (May 1988=100), the same as it was in September 2016. The CPI less housing cost is 395.0 points, 0.28% lower than in September.
The cost of owner occupied housing (imputed rent) rose by 1.3% (effect on the index 0.21%) but prices for food declined by 1.0% (-0.15%).
The CPI is 1.8% higher in October 2016 than in October 2015 while the CPI less housing cost has decreased by 0.5% from one year ago.
The CPI compiled in the middle of October 2016, 438.5 points, is applicable for indexation purposes in December 2016. The old credit terms index for December 2016 is 8,658 points.

Read more   

Wednesday, October 05, 2016

MPC decision on interest rates - unchanged

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 5.25%.

Read more 

Thursday, September 29, 2016

Consumer price index in September 2016

The Consumer Price Index (CPI) based on prices in September 2016 is 438.5 points (May 1988=100), 0.48% higher than in August 2016. The CPI less housing cost is 396.1 points, 0.4% lower than in August.

The cost of owner occupied housing (imputed rent) rose by 3.3% (effect on the index 0.51%), prices of clothes and footwear rose by 4.7% (0.19%) and prices of recreational and culture related products and services rose by 1.0% (0.11%). International airfares decreased by 16.6% (-0.22%).

The CPI is 1.8% higher in September 2016 than in September 2015 while the CPI less housing cost has decreased 0.4% from one year ago.
The CPI compiled in the middle of September 2016, 438.5 points, is applicable for indexation purposes in November 2016. The old credit terms index for November 2016 is 8,658 points.

Read more   

Thursday, September 01, 2016

Moody’s upgrades Iceland’s government ratings to A3; outlook stable

Moody’s Investors Service (MIS) has today upgraded Iceland’s government and issuer ratings to A3 from Baa2. The rating outlook is stable. This rating action concludes the review for upgrade that commenced on June 10, 2016.

Moody´s report

Friday, August 26, 2016

Consumer Price Index in August 2016

The Consumer Price Index (CPI) based on prices in August 2016 is 436.4 points (May 1988=100), 0.34% higher than in July 2016. The CPI less housing cost is 396.5 points, 0.13% higher than in July.
The CPI is 0.9% higher in August 2016 than in August 2015 while the CPI less housing cost has decreased 0.9% from one year ago.
The CPI compiled in the middle of August 2016, 436.4 points, is applicable for indexation purposes in October 2016. The old credit terms index for October 2016 is 8,617 points.
Read more   

Wednesday, August 24, 2016

MPC decision on interest rates

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to lower the Bank’s interest rates by 0.5 percentage points. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore be 5.25%.

Read more 

Thursday, August 11, 2016

Fitch Ratings’ Full Rating Report on Iceland

Fitch Ratings has released its Full Rating Report on Iceland. The report follows Fitch Ratings’ affirmation of Iceland’s sovereign ratings on 15 July this year.
Fitch Ratings affirms Iceland’s sovereign rating at BBB+ with a stable outlook.

Fitch Ratings’ report (pdf)
Press release from 15 July 2016

Saturday, July 23, 2016

Fitch Ratings: change in methodology

This week international rating agency Fitch Ratings held a global portfolio rating committee related to an overhaul of the Agency’s sovereign methodology released on May 26th, 2016. The results of the committee were published today. As part of the methodology adjustment Fitch changed its approach to the assessment of the long-term local currency (LTLC) ratings, bringing these ratings in line with the long-term foreign currency (LTFC) ratings for most sovereigns globally.  In addition, Fitch has assigned new issuer default ratings (IDR) for short-term local currency (STLC) obligations. As part of the criteria related ratings recalibration, Fitch has lowered Iceland’s LTLC rating in line with its LTFC rating of BBB+, which was affirmed by the Agency on July 15th with a stable outlook. The ratings for short-term obligations in both foreign and local currency have also been affirmed at F2 Iceland’s sovereign ratings continue to be supported by the country’s strong macroeconomic fundamentals, sustained improvements in fiscal and external indicators, and solid institutional base. 

Corresponding changes will be made to the ratings of other sovereigns whose LTLC ratings were a notch above their LTFC ratings.

The Fitch press release (pdf)

Friday, July 22, 2016

Consumer price index in July 2016

The Consumer Price Index (CPI) based on prices in July 2016 is 434.9 points (May 1988=100), 0.32% lower than in June 2016. The CPI less housing cost is 396.0 points, 0.55% lower than in June.
The CPI is 1.1% higher in July 2016 than in July 2015 while the CPI less housing cost has decreased 0.6% from one year ago.
The CPI compiled in the middle of July 2016, 434.9 points, is applicable for indexation purposes in September 2016. The old credit terms index for September 2016 is 8,587 points.
Read more   

Friday, July 15, 2016

Fitch Ratings affirms Iceland’s sovereign rating at BBB+ with a stable outlook

Fitch Ratings has affirmed Iceland’s Long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BBB+’ and ‘A-’ respectively with Stable Outlooks. The issue ratings on Iceland’s senior unsecured foreign and local currency bonds have also been affirmed at ‘BBB+’ and ‘A-’. The Country Ceiling has been affirmed at ‘BBB+’ and the Short-term foreign currency IDR and CP at ‘F2’.

Fitch Rating’s rating action commentary

Friday, July 15, 2016

Standard & Poor’s affirms Iceland’s sovereign ratings at BBB+/A-2 with a stable outlook

International rating agency Standard & Poor’s has affirmed Iceland’s sovereign ratings at BBB+/A-2 with a stable outlook. Standard & Poor’s expects economic growth in Iceland to remain strong over the next few years, supported by the tourism sector and robust private consumption. The stable outlook balances the potential for a faster-than-anticipated improvement in the country’s fiscal and balance-of-payments profiles over the next two years against the remaining risks surrounding capital control liberalization and the prospect of the economy overheating. 

Standard & Poor’s research update

Tuesday, June 28, 2016

Consumer price index in June 2016

The Consumer Price Index (CPI) based on prices in June 2016 is 436.3 points (May 1988=100), 0.18% higher than in May 2016. The CPI less housing cost is 398.2 points, 0.10% higher than in May.
The CPI is 1.6% higher in June 2016 than in June 2015 while the CPI less housing cost is unchanged from one year ago.
The CPI compiled in the middle of June 2016, 436.3 points, is applicable for indexation purposes in August 2016. The old credit terms index for August 2016 is 8,615 points.
Read more   

Wednesday, June 01, 2016

MPC decision on interest rates - unchanged

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 5.75%. The Committee has also decided to lower reserve requirements by 0.5 percentage points, in line with previous statements.


Monday, May 30, 2016

Moody´s :The upcoming auction is credit positive

The upcoming auction is credit positive insofar as it gives investors whose money is currently trapped in offshore krónur an exit, if they so wish, and helps relieve some of the pressure that has built up on Icelandic domestic assets as a result of the capital controls, as reflected by a steep appreciation of the onshore exchange rate over the past two years. The timing is also prudent since the authorities waited to conduct the auction until they had sufficient foreign exchange reserves to both buy the trapped assets but still retain enough to fund the country’s potential external liquidity needs.
Moody´s report(pdf) 

Friday, May 27, 2016

Consumer price index in May 2016

The Consumer Price Index (CPI) based on prices in May 2016 is 435.5 points (May 1988=100), 0.42% higher than in April 2016. The CPI less housing cost is 397.8 points, 0.33% higher than in April.
Cost of owner occupied housing (imputed rent) rose by 0.8% (effect on index 0.12%).
The CPI is 1.7% higher in May 2016 than in May 2015 while the CPI less housing cost is 0.3% higher than one year ago.
The CPI compiled in the middle of May 2016, 435.5 points, is applicable for indexation purposes in July 2016. The old credit terms index for July 2016 is 8,599 points.

Wednesday, May 11, 2016

MPC decision on interest rates - unchanged

The Monetary Policy Committee (MPC) of the Central Bank of Iceland has decided to keep the Bank’s interest rates unchanged. The Bank’s key interest rate – the rate on seven-day term deposits – will therefore remain 5.75%.

December 09, 2015
MPC decision on interest rates
November 04, 2015
MPC decision on interest rates
September 30, 2015
MPC decision on interest rates
February 04, 2015
MPC decision on interest rates
December 10, 2014
MPC decision on interest rates
November 05, 2014
MPC decision on interest rates
December 11, 2013
MPC decision on interest rates
November 06, 2013
MPC decision on interest rates
July 17, 2013
Treasury accounts 2012
February 06, 2013
MPC decision on interest rates
December 12, 2012
MPC decision on interest rates
November 14, 2012
MPC decision on interest rates
November 02, 2011
MPC decision on interest rates
February 02, 2011
MPC decision on interest rates
December 15, 2010
Iceland prepays loan
December 08, 2010
MPC decision on interest rates
November 03, 2010
MPC decision on interest rates
September 22, 2010
MPC decision on interest rates
October 27, 2009
Weekly Economic Briefing
September 24, 2009
Policy rate decision
September 07, 2009
Weekly Web Release
August 27, 2009
Weekly Web Release
August 20, 2009
Weekly Web Release
August 13, 2009
Weekly Web Release
August 13, 2009
Policy rate decision
August 10, 2009
Weekly Economic Briefing
August 04, 2009
Weekly Economic Briefing
July 27, 2009
Weekly Economic Briefing
July 20, 2009
Weekly Economic Briefing
July 15, 2009
Weekly Economic Briefing
July 06, 2009
Weekly Economic Briefing
July 02, 2009
Weekly Web Release
June 26, 2009
Stability Pact signed
June 18, 2009
Weekly Web Release
June 15, 2009
Weekly Web Release
June 05, 2009
Weekly Web Release
June 04, 2009
Policy rate lowered
May 29, 2009
Weekly Web Release
May 14, 2009
Weekly Web Release
May 08, 2009
Weekly Web Release
May 07, 2009
Policy rate lowered
May 04, 2009
Weekly Web Release
April 17, 2009
Weekly Web Release
April 08, 2009
Policy rate lowered
April 03, 2009
Weekly Web Release
March 27, 2009
Weekly Web Release
March 20, 2009
Weekly Web Release
March 19, 2009
Policy rate lowered
March 13, 2009
Weekly Web Release
March 05, 2009
Weekly Web Release
February 27, 2009
Weekly Web Release
February 20, 2009
Weekly Web Release
February 13, 2009
Weekly Web Release
February 06, 2009
Weekly Web Release
January 23, 2009
Weekly Web Release
January 16, 2009
Weekly Web Release
January 09, 2009
Weekly Web Release
December 18, 2008
Weekly Web Release
December 16, 2008
Report about Iceland
December 11, 2008
Weekly Web Release
December 05, 2008
Weekly Web Release
December 04, 2008
Moody's Downgrades Iceland
November 28, 2008
Weekly Web Release
October 03, 2008
Weekly Web Release
October 10, 2008
Weekly Web Release
October 17, 2008
Weekly Web Release
October 23, 2008
Weekly Web Release
October 31, 2008
Weekly Web Release
September 30, 2008
Fitch Downgrades Iceland
September 26, 2008
Weekly Web Release
September 19, 2008
Weekly Web Release
September 17, 2008
The Icelandic Economy 2008-2011
June 30, 2008
Weekly Web Release
August 13, 2008
Inflation Forecast - August
August 15, 2008
Weekly Web Release
August 25, 2008
Weekly Web Release
August 29, 2008
Weekly Web Release
September 05, 2008
Weekly Web Release
September 12, 2008
Weekly Web Release
September 17, 2008
Inflation Forecast - September
May 23, 2008
Weekly Web Release
May 30, 2008
Weekly Web Release
June 06, 2008
Weekly Web Release
June 13, 2008
Weekly Web Release
June 20, 2008
Weekly Web Release
May 09, 2008
Weekly Web Release
May 19, 2008
Weekly Web Release
March 14, 2008
Weekly Web Release
March 27, 2008
Weekly Web Release
March 19, 2008
ICEX News & Views
April 07, 2008
Policy Rate Forecast
April 04, 2008
Weekly Web Release
April 11, 2008
Weekly Web Release
April 09, 2008
Not Out of the Woods Yet
April 18, 2008
Weekly Web Release
February 28, 2008
Weekly Web Release
February 26, 2008
Economic Analysis
March 07, 2008
Weekly Web Release
February 19, 2008
Monthly Inflation Forecast
February 19, 2008
Economic Outlook: Q1 2008
February 04, 2008
The Week in Review
February 08, 2008
Weekly Web Release
February 14, 2008
Policy interest rate unchanged
February 15, 2008
Economic Outlook: Q1 2008
January 14, 2008
News & Views
January 28, 2008
The Week in Review
January 21, 2008
The Week in Review
December 21, 2007
Inflation forecast for January
December 27, 2007
Inflation Forecast
January 07, 2008
The Week in Review
January 14, 2008
Economic Focus
January 14, 2008
The Week in Review
December 21, 2007
Macroeconomic Outlook
December 10, 2007
News & Views
December 14, 2007
The Icelandic nation is young
December 20, 2007
Policy interest rate unchanged
November 26, 2007
News and Views
November 05, 2007
Economic Outlook
November 20, 2007
Inflation Forecast
October 24, 2007
News & Views
October 16, 2007
News & Views
October 05, 2007
News & Views
September 24, 2007
Inflation Forecast
September 27, 2007
The ISK - September 2007
September 27, 2007
Policy rate forecast
October 05, 2007
A new economic forecast
September 21, 2007
Economic Focus - September 2007
September 19, 2007
The Icelandic Economy 2007-2011
September 13, 2007
News & Views
September 15, 2007
Fewer government agencies
September 03, 2007
News & Views
August 29, 2007
Economic Focus
August 24, 2007
Exchange Rate Watch: ISK
August 24, 2007
Macroeconomic Research
August 02, 2007
Inflation Forecast - August
July 09, 2007
News & Views
June 06, 2007
ICEX News & Views
July 09, 2007
Central Bank Watch
June 21, 2007
News & Views
June 12, 2007
ICEX News & Views
May 15, 2007
News & Views
May 04, 2007
Inflation Forecast
May 15, 2007
Central Bank Watch
April 26, 2007
Financial stability
April 16, 2007
Economic Focus
March 27, 2007
ICEX News & Views
April 04, 2007
Central Bank Watch
March 16, 2007
Why issue a regulation?
March 29, 2007
ICEX News & Views
March 12, 2007
ICEX News & Views
March 15, 2007
ICEX News & Views
March 12, 2007
Economic Focus
March 06, 2007
Monthly Market Focus
March 07, 2007
Economic Focus
February 23, 2007
ICEX News & Views
February 05, 2007
Carry Trade and the ISK
February 21, 2007
ICEX News & Views
February 08, 2007
Economic Focus
February 05, 2007
Market Update
January 12, 2007
Economic Focus
January 19, 2007
CPI rise of 0.2% in February
January 30, 2007
ICEX News & Views
January 31, 2007
ICEX News & Views
January 16, 2007
Forecast
January 30, 2007
ICEX News & Views
January 10, 2007
ICEX News & Views
January 25, 2007
No landing in sight?
January 04, 2007
Monthly Market Focus
January 04, 2007
ICEX News & Views
December 21, 2006
Who gets the biggest present?
December 21, 2006
Out of Touch With Reality
November 20, 2006
ICEX News & Views
October 24, 2006
Volatility in investment
December 08, 2006
Monthly Market Focus
November 10, 2006
CPI down 0.04% last month
December 14, 2006
ICEX News & Views
October 20, 2006
Inflation Rate Loses Steam
November 06, 2006
Market Focus November 2006
November 02, 2006
Unchanged interest rate
December 01, 2006
ICEX News & Views
September 12, 2006
Weekly Web Release
October 10, 2006
Quarterly Economic Outlook
October 05, 2006
Aluminum expansion 2008-2015
October 06, 2006
ICEX News & Views

Yield Curve

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Non-IndexedPriceYield
RIKV 17 071799.344.57%
RIKV 17 081598.964.67%
RIKV 17 111597.764.71%
RIKB 19 0226106.564.75%
RIKB 20 0205103.504.82%
RIKB 22 1026111.654.75%
RIKB 25 0612121.304.75%
RIKB 28 1115 102.164.75%
RIKB 31 0124117.314.75%
IndexedPriceYield
RIKS 21 0414104.252.63%
HFF150224102.952.89%
RIKS 30 0701111.002.27%
HFF150434111.702.35%
HFF150644118.502.31%

CPI Change

Current Value442.10
12 Months Change*1.94%
3 Months Change*5.23%
Last Month Change0.50%
Daily CPI442.10

* Annualized rates