Icelandic Economic Weekly: Monday 13 May 2019
Last week's highlights
The number of foreign passenger departures from Iceland through Keflavík International Airport decreased by 18.5% year-on-year in April, April being the first full month after WOW air ceased operations.
Icelandair released traffic data for April.
Statistics Iceland released an economic forecast.
In April, the Icelandic króna (ISK) depreciated slightly against the currencies of all main trading partners, except the Swedish krona.
The Government Debt Management Agency published its monthly Market Information report.
Arion Bank and Íslandsbanki released quarterly earnings.
The week ahead
On Tuesday, the Directorate of Labour will release unemployment numbers for April.
On Wednesday, TM will release quarterly earnings.
Hagar, Sjóvá, Sýn and Heimavellir will all released quarterly earnings on Thursday.
Markets 13 May 2019
Macro Overview 13 May 2019
The Icelandic economy contracted by 1.2% year-on-year in Q1. The CPI based on prices in May increased by 0.54% MoM, bringing the headline number to 2.6%. The trade balance and the current account balance were both slightly positive in Q1. The Treasury issued bonds in euros.
Landsbankinn has recently established itself as the financial undertaking that offers the most competitive lending rates in Iceland. Since the Central Bank of Iceland embarked on the current rate-cutting programme, Landsbankinn has generally lowered lending rates more than deposit rates. More
Landsbankinn’s outlet in Bolungarvík will merge into the Ísafjörður branch on 1 July. More