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8/4/2019 Banco Central de Islandia - Datos macroeconmicos de 2011
1/23
Economic Indicators
Central Bank of IcelandAugust 2011
8/4/2019 Banco Central de Islandia - Datos macroeconmicos de 2011
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I Inflation and inflation expectations
%
Components of CPI inflation
I-4
CPIImported goods excl. alcohol, tobacco and petrol Petrol
HousingPrivate services Other components
Domestic goods excluding agricultural products
Contribution of individual items to 12-month inflation. Monthly data.
Source: Statistics Iceland.
-5
0
5
10
15
20
2010200920082007 2011
Price developments: goods
I-5
12-month % change
Monthly data.
Source: Statistics Iceland.
Imported goods excl. alcohol and tobacco
Domestic goods excl. agricultural products
CPI
-8
-4
0
4
8
12
16
20
24
28
32
201120102009200820072006200520042003200220012000
I-6
Price developments: housing and services
12-month % change
Monthly data.
Source: Statistics Iceland.
Public servicesCPI HousingPrivate services
-10
-5
0
5
10
15
20
201120102009200820072006200520042003200220012000
Seasonally adjusted inflation
I-3
%
This inflation measurement is very volatile but indicates how inflation pressuresare developing. Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Three-month inflation rate Annualised three-month inflation rate
-5
0
5
10
15
20
25
30
20102009200820072006200520042003200220012000 2011
Inflation: various measurements
I-2
12-month % change
Monthly data.
Source: Statistics Iceland.
Index excluding effects of lower indirect taxes CPICPI excluding housingCore inflation 3 excluding tax effects
-2
02468
101214161820
22
20102009200820072006200520042003200220012000 2011
I-1Consumer price inflation and core inflation
12-month % change
Core inflation 1
Overall index and measures of underlying inflation. Core Index 1 excludesprices of agricultural products and petrol, and Core Index 2 excludes prices ofpublic services as well. Core Index 3 is Core Index 2 excluding the effects ofchanges in real interest rates on the housing component of the CPI.
Monthly data.Sources: Statistics Iceland, Central Bank of Iceland.
Core inflation 2
Core inflation 3 Inflation targetCPI
0
2
4
6
8
10
12
14
1618
20
2010200920082006200520042003200220012000 2007 2011
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I-7
Price developments: housing
12-month % change
Monthly data.
Source: Statistics Iceland.
Repair and maintenance Paid rent Imputed rentMarket price of housing
-20
-10
0
10
20
30
4050
201120102009200820072006200520042003200220012000
I Inflation and inflation expectations
Inflation expectations of businesses andhouseholds one year ahead and current inflation
I-12
12-month inflation (%)
1. Inflation expectations according to surveys carried out by Capacent Gallup.Respondents are asked about inflation 12 months ahead and median figuresare used. Businesses' inflation expectations were measured on an irregularbasis before Q3/2006 until then, measurements are interpolated.Quarterly data.
Sources: Capacent Gallup, Statistics Iceland.
Inflation Household inflation expectations
Businesses' inflation expectations1
0
2
4
6
8
10
12
14
16
18
20102009200820072006200520042003 2011
I-11
Breakeven inflation rate
% Latest: 22 August
Breakeven inflation rate at month-end, is calculated from 1) RIKB 13 0517
and HFF 150914; 2) RIKB 19 0226 and HFF 150224; and 3) RIKB 25 0612and HFF 150434.
Source: Central Bank of Iceland.
Breakeven inflation rate1
Breakeven inflation rate3Breakeven inflation rate2
Inflation target
0
2
4
6
8
10
12
201120102009200820072006200504
I-9
Price and wage developments: wages, inflation and services
12-month % change
Monthly data.
Source: Statistics Iceland.
CPI Public servicesPrivate services Wage index
0
2
4
6
8
10
12
14
16
18
20
201120102009200820072006200520042003200220012000
Price developments: various components
I-8
12-month % change
Monthly data.
Source: Statistics Iceland.
Petrol New cars and spare partsGroceries
-20
-10
0
10
20
30
40
50
201120102009200820072006200520042003200220012000
Price developments: goods, housing and services
I-10
March 1997 = 100
Monthly data.
Source: Statistics Iceland.
CPIImputed house rent
Imported goods excl. alcohol and tobaccoPaid house rent Private services
80
120
160
200
240
280
320
360
1009080706050403020100999897 11
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II Output and demand
I Inflation and inflation expectations
II-1
Gross domestic product
Percentage change on a year earlier
Contribution of individual components to output growth. Change on a yearearlier. Annual data.
Source: Statistics Iceland.
Private consumption Public consumptionGross fixed capital formationGDP Net trade
-25
-20
-15
-10
-5
0
5
10
15
20
1110090807060504030201009998
II-2
Output growth and national expenditure
Percentage change on a year earlier
Quarterly data.
Source: Statistics Iceland.
Output growth National expenditure
-30-25
-20
-15
-10
-5
0
5
10
15
20
25
1110090807060504030201009998
Import price levels and exchange rate developments
I-13
Monthly average, March 1997 = 100
Import-weighted exchange rate index and price of imported goods in the CPI.The import exchange rate index is published with a one-month time lag, asprice level measurements are carried out at mid-month.
Monthly dataSources: Statistics Iceland, Central Bank of Iceland.
Import-weighted exchange rate index (March 1997 = 100)Imported goods excluding alcohol and tobacco
80
100
120
140
160
180
200
220
201120102009200820072006200520042003200220012000
I-15
Distribution of price increases in the CPI
12-month % change%
The percentage of goods categories that increase in price is a 3-monthcentred average. Monthly data.
Source: Statistics Iceland.
CPI (right) Categories showing increase (left)
0
1020
30
40
50
60
70
80
90
100
0
24
6
8
10
12
14
16
18
20
20112010200620052004200320022001 2007 2008 2009
Inflation in Iceland and Europe
I-16
12-month % change
Harmonised indices of consumer prices. Monthly data.
Source: Statistics Iceland.
Iceland Euro area Maastricht reference value
-2024
68
1012141618202224
201120102009200820072006200520042003200220012000
I-14
Price level and exchange rate developments
Month-on-month changes (%)
The exchange rate index is calculated based on a narrow trade basket. Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Consumer price index (left)Exchange rate index (right)
Month-on-month changes (%)
-3
-2
-1
0
1
2
34
-15
-10
-5
0
5
10
1520
201120102009200820072006200520042003
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II-7
Turnover according to VAT returns: several components
B.kr.
Deflated by the CPI. Retail sector is deflated by the CPI excluding housing andpetrol, and construction sector is deflated by the CPI. Seasonally adjusted datafor two-month periods.
Sources: Statistics Iceland, Central Bank of Iceland.
Construction Retail Services
10
20
30
40
50
60
70
11201020092008200720062005200420032002200120001999
Percentage change on a year earlier
II-4
Gross fixed capital formation
Contribution of individual items to gross capital formation. Quarterly data.
Source: Statistics Iceland.
Businesses
Residential
Public sectorTotal gross fixed capital formation
-70-60-50-40-30-20-10
0102030405060
1110090806 070504030201009998
II Output and demand
II-6
Percentage change in real terms on a year earlier
Turnover according to VAT returns
Deflated by the CPI. Seasonally adjusted data for two-month periods.
Sources: Statistics Iceland, Central Bank of Iceland.
Domestic sector (left)
Total turnover, index (right) Total turnover (left)
1998=100
-25
-20
-15
-10
-5
0
5
10
15
20
0
20
40
60
80
100
120
140
160
180
11201020092008200720062005200420032002200120001999
II-5
Percentage change on a year earlier
Foreign trade
Quarterly data.
Source: Statistics Iceland.
Exports of goods and servicesImports of goods and services
-50
-40
-30
-20
-10
0
10
20
30
40
50
1110090807060504030201009998
II-3
Private consumption, public consumptionand gross fixed capital formation
Percentage change on a year earlier
Quarterly data.
Source: Statistics Iceland.
Gross fixed capital formationPrivate consumption Public consumption
-70-60-50-40-30-20-10
01020304050
1110090807060504030201009998
II-8
Payment card turnover
12-month % change 12-month % change
Debit and credit card turnover deflated by the CPI less housing costs.Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Household domestic payment card turnover year-to-date (right)
Household domestic credit card turnover (right)Retail debit card turnover (left)
-40
-30
-20
-10
0
10
20
30
40
-32
-24
-16
-8
0
8
16
24
32
2011201020092008200720062005200420032002
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II Output and demand
II-13
Groceries turnoverNov. 2001 = 100 Percentage change on a year earlier
Deflated by price of groceries in CPI. Monthly data.
Sources: Icelandic Centre for Retail Studies, Central Bank of Iceland.
12-month change on 3-month moving averages (right)Seasonally adjusted 3-month moving averages (left)Average year-to-date (right)
90
95
100
105
110
115
120
125
130
135
140
145
-15
-12
-9
-6
-3
0
3
6
9
12
15
18
201120102009200820072006200520042003
II-12
Foreign payment card turnover in Iceland
M.kr. 12-month % change
Foreign payment card turnover deflated by the CPI less housing costs.Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Total foreign payment card turnover in 2009 (right)Total foreign payment card turnover in 2010 (right)Total foreign payment card turnover in 2011 (right)
2008 (left) 2009 (left) 2010 (left) 2011 (left)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
-20
-10
0
10
20
30
40
50
60
Dec.Nov.Oct.Sept.Aug.JulyJuneMayApr.Mar.Feb.Jan.
II-9
Payment card turnover
12-month % change 12-month % change
Debit and credit card turnover deflated by the CPI less housing costs.Turnover abroad is deflated by the exchange rate index. Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
-80-70-60-50-40-30-20-10
01020304050
60
-40-35-30-25-20-15-10-50510152025
30
Household domestic payment card turnover year-to-date (right)Household domestic payment card turnover (right)Household turnover abroad (left)
2011201020092008200720062005200420032002
II-10
Total household payment card turnover
Change between quarters (%) Change on a year earlier (%)
Seasonally adjusted debit and credit card turnover deflated by the CPI lesshousing costs. Quarterly data. Data for Q3 2011 are for July.
Sources: Statistics Iceland, Central Bank of Iceland.
Change between quarters (left)Change on a year earlier (right)
-16-14-12-10-8-6-4-202468
10
-32-28-24-20-16-12-8-40481216
20
20102009200820072006200520042003
.
2011
II-14
Private consumption, groceries and payment card turnover
Volume change on a year earlier (%)
Quarterly data. Data for Q3 2011 are for July.
Sources: Icelandic Centre for Retail Studies, Statistics Iceland, Central Bank of
Iceland.
Household's domestic payment card turnoverHousehold's payment card turnover
Groceries turnoverPrivate consumption growth
-30
-25
-20
-15
-10
-5
0
5
10
15
20
20102009200820072006200520042003
.
.
.
11
II-11
Household domestic payment card turnover
Change between quarters (%) Change on a year earlier (%)
Seasonally adjusted domestic debit and credit card turnover deflated by theCPI less housing costs. Quarterly data. Data for Q3 2011 are for July.
Sources: Statistics Iceland, Central Bank of Iceland.
Change between quarters (left)Change on a year earlier (right)
-12
-10
-8-6
-4
-2
0
2
4
6
8
10
-28
-24
-20-16
-12
-8
-4
0
4
8
12
16
20102009200820072006200520042003
.
2011
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II Output and demand
II-17
Indices of expected big-ticket purchases
Index Index
Expected purchases of cars (left)
Indices of expected big-ticket purchases are based on Capacent Gallupconsumer sentiment survey. The index for expected big-ticket purchases is anaverage of the other three indices. Quarterly data.
Source: Capacent Gallup.
Expected big-ticket purchases (left)
Expected purchases of travel (right)
Expected purchases of realestate property (left)
0
10
20
30
40
50
60
70
80
90
0
20
40
60
80
100
120
140
160
180
2010 201120092008200720062005200420032002
II-18
Capacent Gallup Business Sentiment Indices
Index Ratio (%)
Strongly positive (right)
Current situation (left)Sentiments towards situation in six months (left)
Positive (right)
The Business sentiment indices are based upon Capacent Gallup's survey of thelargest companies in Iceland. The columns show the sentiments towards thecurrent situation in the economy.
Source: Capacent Gallup.
Strongly negative (right) Negative (right)
20102009200820072006050403020
25
50
75
100
125
150
175
200
-100-75
-50
-25
0
25
50
75
100
2011
II-15
12-month % change
Cement sales
Thous. tonnes
3-month moving average. Monthly data.
Sources: Aalborg Portland hf., BM Vall, Sementsverksmijan hf., Central
Bank of Iceland.
Total cement sales (left) Cement sales excluding heavy industry (left)Cement sales (seasonally adjusted) (right)
-80
-60
-40
-20
0
20
40
60
80100
120
-4
0
4
8
12
16
20
24
2832
36
09 10 11080706050403020100999897
II-16
12-month % change
Importation and new registration of motor vehicles
Number
3-month moving average. New motor vehicle registrations include new andused vehicles in all categories (passenger cars, motor coaches, and deliveryand transport vehicles). Monthly data.
Sources: Blgreinasambandi, Statistics Iceland, Central Bank of Iceland.
Car registrations (left)Car imports (m.kr.) (left)Car registrations, seasonally adjusted (right)
-100-80-60-40-20
020406080
100120140
160
03006009001,2001,5001,8002,1002,4002,7003,0003,3003,600
3,900
09 10 1108070605040302010098 9997
II-19
Consumer sentiment (Gallup)
Index %
Negative for current economic situation (right)
Current economic situation (left)Expectations 6 months ahead (left)Positive for current economic situation (right)
Monthly data.
Source: Capacent Gallup.
Consumer Sentiment Index (left)
0
20
40
60
80
100
120
140
160
180
-100
-80
-60
-40
-20
0
20
40
60
80
2010200920082007200620052004200320022001 2011
II-20
Private consumption and Gallup Consumer
Sentiment IndexIndex Volume change on a year earlier (%)
Private consumption (right)Gallup Consumer Sentiment Index expectations six months ahead (left)
Gallup Consumer Sentiment Index (left)
Points show value for July. Quarterly data.
Sources: Capacent Gallup, Statistics Iceland.
0
20
40
60
80
100
120
140
160
180
-25
-20
-15
-10
-5
0
5
10
15
20
200920082007200620052004200320022001 2010 2011
.
.
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III Foreign trade and external economic conditions
III-5
B.kr.
Components of merchandise exports
Marine and agricultural products
Ships, aircraft and other products
Merchandise export values at constant exchange rates based on monthlyaverage export-weighted exchange rate index (broad trade basket).Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Manufacturing products
0
5
10
15
20
25
30
35
40
10 1109080706050403020100
III-6
B.kr.
Components of merchandise imports
Merchandise import values at constant exchange rates based onimport-weighted exchange rate index (broad trade basket).Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Consumer goods
Fuel, lubricants and other products
Industrial supplies Capital goods
Transport equipement
0
5
10
15
20
25
30
35
40
45
2010 112009200820072006200520042003200220012000
III-2
Components of current account
B.kr.
Trade balance Services balance Income balance
Net current transfers are included in factor income. Quarterly data.
Sources: Statistics Iceland, Central Bank of Iceland.
-140
-120
-100
-80
-60
-40
-20
0
20
40
60
201120102009200820072006200520042003200220012000
III-1
% of GDP % of exports
% of total exports of goods and services (right)
Current account balance
% of GDP (left)
Quarterly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Excluding DMBs undergoing winding-up proceedings (left)
-40
-30
-20
-10
0
10
20
-100
-80
-60
-40
-20
0
20
201120102009200820072006200520042003200220012000
III-3
Merchandise trade balance as percentageof merchandise exports
%
12-month moving averages. Monthly data.
Source: Statistics Iceland.
Tota l Exc luding ships and ai rcra ft
-70
-60
-50
-40
-30
-20
-10
0
10
20
30
111009080706050403020100
III-4
Merchandise imports and exports atconstant exchange rates
12-month % change
Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Exports, 12-month moving average
Imports, 12-month moving average
Exports, 3-month moving average
Imports, 3-month moving average
-60
-40
-20
0
20
40
60
80
111009080706050403020100
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III Foreign trade and external economic conditions
III-7
Percentage change on a year earlier
Volume changes on main export products
Quarterly data.
Source: Statistics Iceland.
Marine products Metals Other manufacturing products
-40
-20
0
20
40
60
80
100
2010 20112009200820072006200520042003
III-8
Percentage change on a year earlier
Volume changes on main import products
Consumer goods Capital goods Industria l supplies
Capital goods including ships and aircraft. Quarterly data.
Source: Statistics Iceland.
-80
-60
-40
-20
0
20
40
60
80
2010 20112009200820072006200520042003
III-9
Percentage change on a year earlier
Volume changes on import products
Non-durable consumer goods are disposable items such as tobacco andpharmaceuticals. Semi-durables are products that are neither disposable nordurable, such as clothing. Consumer durables are products with a longlife-time, such as household appliances. Quarterly data.
Source: Statistics Iceland.
Durable consumer goods
Semi-durable consumer goods
Non-durable consumer goods
-80
-60
-40
-20
0
20
40
60
2010 20112009200820072006200520042003
III-11
Merchandise exports by category
January 2000 = 100
Exported merchandise value calculated as a 3-month moving average atconstant exchange rates based on export-weighted exchange rate index
(broad trade basket). Monthly data.Sources: Statistics Iceland, Central Bank of Iceland.
Marine products Aluminium and ferrosilicon Other industrial products
0
100
200
300
400
500
10 11090807060504030201009998979695
III-10
Merchandise exports
B.kr.
Exported merchandise value calculated as a 3-month moving average atconstant exchange rates based on export-weighted exchange rate index(broad trade basket). Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Total Exc luding ships and a ircraft
0
5
10
15
20
25
30
35
1110090807060504030201009998979695
III-12
B.kr.
Seasonally adjusted merchandise imports
Imported merchandise value calculated as a 3-month moving average atconstant exchange rates based on export-weighted exchange rate index
(broad trade basket). The index of foreign price levels is calculated byweighting together the consumer price indices in main trading partnercountries using a currency basket. Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
Total Excluding ships and aircraft
5
10
15
20
25
30
1110090807060504030201009998979695
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III Foreign trade and external economic conditions
III-18
Thous. tonnes Thous. tonnes
Aluminium production
Annual production (right)
Monthly data. Annual alumnium production for 2011 is production January-June.
Source:Statistics Iceland.
Monthly production (left)
0
10
20
30
40
50
60
70
80
90
0
100
200
300
400
500
600
700
800
900
2011201020092008200720062005200420032002
III-17
January 1999 = 100 USD/tonne
Export prices
Latest: 19 Aug.
Foreign currency prices of marine products are calculated by dividing marine
products prices in Icelandic krnur by the export-weighted trade basket. LMEaluminium prices are in US dollars. Monthly averages plus most recentaluminium prices.
Sources: Statistics Iceland, London Metal Exchange (LME), Central Bank of
Iceland.
Aluminium (right) Demersal species (left)Total marine products (left)
90
95
100
105
110
115
120
125
130
1,000
1,300
1,600
1,900
2,200
2,500
2,800
3,100
3,400
11100908070605040302010099
III-15
Fish catch volume
2004 = 100 12-month % change
Monthly data at constant price levels.
Source: Statistics Iceland.
Catch value (left) 12-month % change (right)
40
60
80
100
120
140
160
180
-60
-30
0
30
60
90
120
150
20112010200920082007200620052004200320022001
III-16
Thous. tonnes
Marine export value
January - June
Cumulative catch volume from beginning of year. Cumulative value ofmarine exports from beginning of year; nominal fob value. Monthly data.
Sources: Directorate of Fisheries, Statistics Iceland.
January - July
Crusta-ceans
Pelagicspecies
Other
Meal& oils
Salted
Frozen
Fresh
B.kr.
Crusta-ceans
0
100
200
300
400
500
600
700
800
2011201020090
1020
3040
50
60
70
80
90100
110
201120102009
III-13
Merchandise trade inJanuary - June
General imports are total imports excluding ships, aircraft, and sundry items(residual). General exports are total exports excluding ships, aircraft, and sundryitems (residual). Monthly data.
Source: Statistics Iceland.
201120102009 201120102009
% price change on a year earlier % volume change on a year earlier
Generalimports
Import.consum.
Marineexports
Generalexports
Generalimports
Import.consum.
Marineexports
Generalexports
-10
0
10
20
30
40
50
-50
-40
-30
-20
-10
0
10
20
III-14
Percentage change on a year earlier
Services balance
Quarterly data at constant exchange rates.
Source: Central Bank of Iceland.
Services exports Serv ices imports
-50
-40
-30
-20
-10
0
10
20
30
40
50
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III-20
USD/barrel USD/tonne
Global crude oil and gasoline prices
Latest: 19 Aug.
Weekly data.
Source: Bloomberg.
Crude oil (Brent) (right) Gasoline (left)
100
300
500
700
900
1,100
1,300
30
50
70
90
110
130
150
2011201020092008
Global commodity prices and Icelandic export prices
III-22
January 2000 = 100 January 2000 = 100
Monthly data.
Sources: London Metal Exchange, Macrobond, Statistics Iceland.
Non-fuel commodities (in USD) (left)
Aluminium (left)
Total marine products (right)
60
80
100
120
140
160
180
200
220
240
260
90
94
98
102
106
110
114
118
122
126
130
2011201020092008200720062005200420032002
III Foreign trade and external economic conditions
Commodity prices in international markets
III-21
2005 = 100 Latest: 15 Aug.
Weekly data.
Source: Macrobond.
Food (in USD)Non-fuel commodities (in USD)
Food (in EUR)Non-fuel commodities (in EUR)
60
80
100
120
140
160
180
200
220
240
2011201020092008200720062005200420032002
III-19
USD/tonne USD/barrel
Global crude oil and gasoline prices
Monthly averages, most recent daily prices, and forward prices 12 monthsahead in US dollars.
Sources: Bloomberg, Nymex.
Crude oil Europe (DTD Brent) (right) Gasoline NW Europe 95 (left)
100200300400500600700800900
1,0001,1001,2001,300
2030405060708090100110120130140
12201120102009200820072006200520042003
*
Fore-ward
19 Aug.
III-23
2000 = 100
Real exchange rate
Quarterly data.
Source: Central Bank of Iceland.
Relative unit labour costs Relative consumer prices
50
60
70
80
90
100
110
120
130
140
10080604020098969492908886
III-24
2000 = 100
Real exchange rate
Monthly data relative to consumer prices.
Source: Central Bank of Iceland.
6065
707580
859095
100
105110115
120
090807060504030201009998979695 10 11
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IV Labour market and wages
IV-5
Number
Vacancies and foreign labour
3-month moving average. The E-8 countries are Estonia, Latvia, Lithuania,Poland, Slovakia, Slovenia, Czech Republic, and Hungary. Monthly data.
Source: Directorate of Labour.
Vacancies
Recruitment by temporaryemployment agencies
New temporary permits for new jobs, extensions andexisting E-8 workers
Registered recruitment from E-8
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
20112010200920082007200620052004
IV-6
% af labour force % af labour force
Unemployment rate and labour participation rate
Until 2003, the Statistics Iceland labour market survey included only one week
in April and one week in November; however, since January 2003, it has beencontinuous and the results published quarterly. As a result, figures from January2003 and thereafter are not entirely comparable with earlier figures. Quarterlydata.
Source: Statistics Iceland.
Participation rate (right) Unemployment (left)
0
1
2
3
4
5
6
7
8
9
10
76
77
78
79
80
81
82
83
84
85
86
201120102008 20092007200620052004200395 0091
IV-3
Number
Unemployment register: Inflows and outflows
Monthly data.
Source: Directorate of Labour.
Inflows Outflows
0
5001,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
2011201020092008200720062005
IV-4
Share of companies (%)
Companies planning to change staffing levelsduring the next 6 months
Data based on Capacent Gallup's survey of the largest companies in Iceland.
Source: Capacent Gallup.
Companies planning to recruit, March 2011
Companies planning to recruit, June 2011
Companies planning redundancies, March 2010
Companies planning redundancies, June 2011
Notsellingproducts
abroad
Sellingproducts
abroad
Regional
Iceland
Greater
Reykjavkarea
Specialised
services
Financeand
insurance
Construction
Communications
Fisheries
Wholesale
andretail
Manufacturing
Allbusinesses
-60
-50
-40
-30
-20
-10
0
10
20
30
40
50
IV-1
% of labour force
Unemployment
Registered unemployment is the average number of individuals registered withemployment agencies nationwide as a percentage of the estimated number ofpersons in the labour market in each month. Monthly data.
Sources:Directorate of Labour, Central Bank of Iceland.
Unemployment Seasonally adjusted unemployment
0
1
2
3
4
5
6
7
8
910
2011201020092008200720062005200420032002
IV-2
Number
Number of unemployed and total labour force
Number
Registered unemployment is the average number of individuals registeredwith employment agencies nationwide as a percentage of the estimatednumber of persons in the labour market in each month. 1. Directorate ofLabour estimate. Monthly data.
Source: Directorate of Labour.
Number of unemployed (left)Total labour force1 (right)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,00016,000
120,000
130,000
140,000
150,000
160,000
170,000
180,000
190,000200,000
2011201020092008200720062005200420032002
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IV Labour market and wages
IV-7
Percentage change on a year earlier
Employed persons and number of persons at work
Number (thousand)
Change in number at work (left)
Employed persons are those who worked at least one hour during thereference week or were absent from work that they were hired to carry out.Persons at work are those who worked one hour or more during thereference week. Quarterly data.
Source:
Statistics Iceland.
Number at work (right) Number of employed (right)
Change in number employed (left)
-10
-8
-6
-4
-2
0
2
4
6
8
100
110
120
130
140
150
160
170
180
190
20112010200920082007200620052004
IV-9
Percentage change on a year earlier
Changes in labour force
Total hours worked Age 16-24 Age 25-54 Age 55-74
Contribution of age groups to changes in total hours worked. Until 2003, theStatistics Iceland labour market survey included only one week in April andone week in November; however, since January 2003, it has been continuousand the results published quarterly. As a result, figures from January 2003and thereafter are not entirely comparable with earlier figures. Quarterlydata.
Source: Statistics Iceland.
-16-14-12
-10-8-6-4
-202468
200820072006 20052004 92 95 00 2009 2010 2011
IV-11
%
Wage changes by sector
Until 2006, private sector wages, on the one hand, and public sector andbanking sector wages, on the other, are components of the wage index;however, from 2006 onwards, the banking sector is included in private sectorwages. Quarterly data.Sources: Statistics Iceland, Central Bank of Iceland.
Public sector (annual changes) Private sector (annual changes)
Public sector (quarterly changes) Private sector (quarterly changes)
-2
0
2
4
6
8
10
12
14
16
11100908070605040301 02009997 98
IV-12
Private sector wage index by sector
Percentage change on a year earlier
Sectors are defined according to SAT 95, a classification standard based onthe industry classification system of the European Union. Quarterly data.Source: Statistics Iceland.
ManufacturingWholesale, retail and repair
ConstructionTransport, storage and communication
Financial intermediation
-4
-2
0
2
4
6
8
10
12
14
16
2009200820072006 2010 2011
IV-8
Percentage change on a year earlier
Changes in labour force
Number of persons at workTotal hours worked Average hours worked
Until 2003, the Statistics Iceland labour market survey included only one weekin April and one week in November; however, since January 2003, it has beencontinuous and the results published quarterly. As a result, figures from January2003 and thereafter are not entirely comparable with earlier figures. Quarterly
data.Source: Statistics Iceland.
-16
-14
-12
-10
-8-6
-4
-2
0
24
68
200820072006 2005 200492 95 00 2009 2010 2011
IV-10
12-month % change
Nominal and real wages
Real wages are the wage index deflated by the CPI. Monthly data.
Source: Statistics Iceland.
Wage index (left) Real wages (wage index deflated by CPI) (left)
Wage index (right)
Change between months (%)
-10
-5
0
5
10
15
-3.0
-1.5
0.0
1.5
3.0
4.5
11100908070605040302010099
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V Public finances
V-3
Local government revenues, expenditures and balance
% of GDP
Revenues (left) Expenditures (left) Balance (right)
12-month % change
Percentage of gross domestic product from last four quarters. In real terms,deflated by CPI. Quarterly data.
Source: Statistics Iceland.
-20
-15
-10
-5
0
5
10
15
20
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2010 1120092008200720062005
V-4
Local government revenues and expenditures
12-month % change
Municipal income tax (left) Wages and purchases (left)
Investment (right)
12-month % change
Percentage of gross domestic product from last four quarters. In real terms,deflated by CPI. Quarterly data.
Source: Statistics Iceland.
-15
-10
-5
0
5
10
15
20
-60
-40
-20
0
20
40
60
80
2010 1120092008200720062005
V-2
Treasury revenues, expenditures and balance
12-month % change % of GDP
Percentage of gross domestic product from last four quarters. In real terms,deflated by CPI. Quarterly data.
Source: Statistics Iceland.
Revenues ( left) Expenditures ( left) Balance (right)
-30
-25
-20
-15
-10
-5
0
510
15
20
-12
-10
-8
-6
-4
-2
0
24
6
8
2010 1120092008200720062005
161.9
-55.3
V-1
Public sector revenues, expenditures and balance
12-month % change % of GDP
Percentage of gross domestic product from last four quarters. In real terms,deflated by CPI. Quarterly data.
Source: Statistics Iceland.
Revenues (left) Expenditures (left) Balance (right)
-30
-25
-20
-15
-10
-5
0
510
15
20
25
-12
-10
-8
-6
-4
-2
0
24
68
10
2010 1120092008200720062005
123.2
-55.8
IV-13
Private sector wage index by occupational group
Percentage change on a year earlier
Occupational groups are defined according to STARF 95, a classificationstandard based on the International Labour Organizations occupationalclassification system, ISCO-88. Quarterly data.
Source: Statistics Iceland.
Management Technicians and semi-professionalsProfessionalsClerks Services, retail and marketing CraftsGeneral and skilled workers
-6-4-202468
10121416
2006 2007 2008 2009 2010 2011
IV Labour market and wages
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V Public finances
V-6
Public sector interest expense
% of GDP
Pub lic sector (left) Treasury ( left ) Municipalities (right)
% of GDP
Figures for 2010 are preliminary. Quarterly data.
Source: Statistics Iceland.
0
1
2
3
4
5
6
7
89
2004 2005 2006 2007 2008 2009 2010 11
0.42
0.39
0.45
0.48
0.51
0.54
0.57
0.60
0.630.66
V-5
Public sector debt
% of GDP
Excluding civil service pension liabilities and equity holdings. Debt ontransaction accounts netted out of assets.
Sources: Ministry of Finance, Statistics Iceland.
General government gross debt General government net debt
Central government gross debt Central government net debt
Local government gross debt Local government net debt
-10
0
10
20
30
40
50
60
70
8090
10080604020098969492908886848280
V-8
12-month % change
Regular revenues excluding asset sales,regular expenditure excluding interest
4-month moving averages, deflated by the CPI. Monthly data.
Sources: State Accounting Office, Central Bank of Iceland.
Revenues excluding asset sales Expenditures excluding interest
-35
-30-25-20-15
-10-5
05
101520
25
201020092008200720062005200420032002 2011
V-9
Tax revenues
12-month % change
4-month moving average, deflated by the CPI. Monthly data.
Sources: State Accounting Office, Central Bank of Iceland.
Payroll and personal income tax Value-added tax
Taxes on imports
-50
-40
-30
-20
-10
0
10
20
30
40
50
201020092008200720062005200420032002 2011
V-10
12-month % change
Treasury expenditures by type
4-month moving average, deflated by the CPI. For December 2008, irregularexpenditures totalling 192 b.kr. due to the banks collapse are not shown.Monthly data.
Sources: State Accounting Office, Central Bank of Iceland.
Public consumption Transfers Investment and maintenance
-80
-60
-40
-20
0
20
40
60
80
100
120
140
201020092008200720062005200420032002 2011
V-7
Treasury balance and net credit balance
% of revenues
4-month moving averages, deflated by the CPI. Revenues from assets salesincluded. Monthly data.
Sources: State Accounting Office, Central Bank of Iceland.
Revenue balance Credi t balance
-300
-250
-200
-150
-100
-50
0
50
100
11201020092008200720062005200420032002
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VI-1
Housing market prices and turnover in greater Reykjavk
Number 12-month % change
Turnover is based on the number of purchase agreements on the date ofpurchase. Monthly data.
Sources: Registers Iceland, Central Bank of Iceland.
Turnover on housing market- seasonally adjusted (left)House prices (right) Real house prices (right)
0
150
300
450
600
750
900
1,050
1,200
-30
-20
-10
0
10
20
30
40
50
201120102009200820072006200520042003200220012000
VI-2
Housing market prices in greater Reykjavk
12-month change (%) January 1994 = 100
Price per sq.m. (immediate payment). 3-month average. Monthly data.
Sources: Registers Iceland, Central Bank of Iceland.
Nominal % change (left) Price in real terms (right)
-20
-10
0
10
20
30
40
50
80
100
120
140
160
180
200
220
1110090807060504030201009998979695
VI-3
House prices in greater Reykjavk
%-change between months 12-month % change
Monthly data.
Sources: Registers Iceland, Central Bank of Iceland.
Condominium housing- seasonally adjusted (left)
Detached housing (right)Condominium housing (right)Detached housing- seasonally adjusted (left)
-8
-6
-4
-2
0
2
4
6
8
10
12
-40
-30
-20
-10
0
10
20
30
40
50
60
20112010200920082007200620052004
12-month % change
VI-4
Market price of residential housing
March 2000 = 100
Monthly data.
Source: Statistics Iceland.
Entire country (left)
Regional Iceland in real terms (right)Entire country in real terms (right)
Regional Iceland (left)
-20
-15
-10
-5
0
5
10
15
20
25
30
35
80
90
100
110
120
130
140
150
160
170
180
190
20112010200920082007200620052004200320022001
VI Asset markets
V-11
12-month % change
Treasury expenditures by function
4-month moving average, deflated by the CPI. Monthly data.
Sources: State Accounting Office, Central Bank of Iceland.
General services and public order Social affairs Economic affairs
-40
-30
-20
-10
0
10
20
3040
50
201020092008200720062005200420032002 2011
V Public finances
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Latest: 19 Aug.
Equity market
VI-9
B.kr.31 Dec. 1997 = 1,000
Total monthly volume of listed shares and monthly average of main stock indices.
Source: Nasdaq OMX Iceland.
Total turnover (right) OMXI-MAIN (left)OMXI15 (left)OMXI6 (left)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
0
60
120
180
240
300
360
420
480
540
2011201020092008200720062005200420032002
VI Asset markets
Number of registered sales agreements
VI-8
Turnover of commercial housing
Before June 2006, turnover is based on purchase day, otherwise on day ofregistered sales agreement.
Sources: Registers Iceland, Central Bank of Iceland.
Retail property and officesIndustrial, warehouses and other properties
0
50
100
150
200
250
300
10 11090807060504030200 019998979695
VI-5
Advertised property and average time to sale
No. No. of properties for sale/turnover
Monthly average of advertisements on Morgunbladid real estate website Thecount is carried out by property code so as to avoid a repeat count of the sameproperty. Monthly turnover is according to the number of officially registered
purchase agreements. The average time to sale is the length of time (in months)that it takes to sell advertised property divided by the turnover for the month inquestion. As of February 2009, Morgunbladid began charging a fee for onlinereal estate advertisements. This reduced the number of advertisements placed.
Sources: Morgunbladid Real Estate Website (mbl.is), Registers Iceland.
Houses/row houses/duplexes (left)All properties (left)
Multi-family buildings/flats (left)Average time-to-sale (right)
Latest: 22 Aug.
0
1,000
2,000
3,000
4,000
5,000
6,000
0
10
20
30
40
50
60
20112010200820072006 2009
VI-6
Number and amount of new residential housing loans
M.kr. Number
Amount-credit institutions (left)
Total number of new loans (HFF and pension funds) (right)
Amount-HFF (left)
Information on new pension fund loans is based on a sample covering thenation's 20 largest pension funds. During the survey period, the number ofpension funds in the sample rose from 18 to 20. The sample now extends to
almost 97% of Icelandic pension funds' net assets. Information from creditinstitutions was unavailable from September 2008 onwards. Monthly data.Number of new loans is shown as a 3-month rolling average.
Sources: Housing Financing Fund, Central Bank of Iceland.
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
270
290
310
330
350
370
390
410
430
450
201120102009200820072006
Amount-pension funds (left)
1995 = 100
VI-7
Commercial property prices in greater Reykjavk
Weighted average of industrial, retail, and office housing. Data are subject touncertainty due to sparsity and divergence of measurements. Quarterly data.
Sources: Registers Iceland, Central Bank of Iceland.
Simple average of sale contracts (left)
Percentage change between years (right)
Change on a year earlier (%)
80
110
140
170200
230
260
290
320
350
-40
-30
-20
-100
10
20
30
40
50
11100908070604 050301 02009998979695
Bond indices
VI-10
2 January 1998 = 100 Latest: 19 August
Indices are the OMX Nordic Exchange Iceland's calculations of yields onfixed-maturity bonds. Daily data.
Source: Nasdaq OMX Iceland.
Indexed, 5-years Nominal, 1-yearIndexed, 10-years
Nomina l, 3-months Nominal , 5-years
100
150
200
250
300
350
400
450
500
201120102009200820072006200520042003
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VII-6
12-month change (%)
Household deposits
Contribution of individual components to deposit growth. Term depositsinclude money market accounts and other non-sight deposits. Indexeddeposits include pension savings, indexed vacation allowance accounts, andother indexed savings. Data from October 2008 are preliminary. Monthlydata.
Source: Central Bank of Iceland.
Current accounts Foreign currency accounts (residents)
Sight deposits Time deposits Indexed deposits
-20
-10
0
10
20
30
40
50
60
2011201020092008200720062005
VII Financial markets
VII-1
Percentage change on a year earlier
Credit system lending growth
Due to reclassification of lending, data from Q3 2003 are not comparable toearlier data. Quarterly data. The series have not been updated sinceSeptember 2008 due to lack of data.
Source: Central Bank of Iceland.
Households Total Businesses
0
10
20
30
40
50
60
70
200820072006200520042003200220012000199919981997
VII-2
Household debt with major credit institutions
B.kr. 12-month change (%)
Monthly data. From September 2008, debt to DMBs are shown at discounts astaken over by the new banks. The total includes insurance companies and thestudent loan fund.
Source: Central Bank of Iceland.
Total (left) Growth in real terms (right)
Investment funds and pension funds (left) DMBs (left)
0
200
400
600
800
1,000
1,200
1,400
1,6001,800
2,000
-36
-30
-24
-18
-12
-6
0
6
1218
24
201120102009200820072005200420032002 2006
VII-3
12-month change (%)
Credit institution lending to businesses
Indexed bonds Foreign currency- linked bonds
Non-indexed bonds Overdrafts Other
Contribution of individual components to lending growth. From September2008, lending is shown at discounts as taken over by the new banks. The categorylabelled other includes bills of exchange, redeemed guarantees, and assetfinancing agreements. Data from October 2008 are preliminary. Monthly data.
Source: Central Bank of Iceland.
-80-60
-40
-20
0
20
40
60
2011201020092008200720062005200420032002
VII-4
12-month change (%)
DMB lending to households
Indexed bonds Foreign currency-linked bonds
Non-indexed bonds Overdrafts Other
Contribution of individual components to lending growth. From September 2008,lending is shown at discounts as taken over by the new banks. The categorylabelled other includes bills of exchange, redeemed guarantees, and assetfinancing agreements. Data from October 2008 are preliminary. Monthly data.
Source: Central Bank of Iceland.
-60-40
-20
0
20
40
60
80
100
120
2011201020092008200720062005200420032002
VII-5
12-month change (%)
Companies' deposits
Current accounts Foreign currency accounts (residents)
Sight deposits Time deposits Indexed deposits
Contribution of individual components to deposit growth. Term deposits includemoney market accounts and other non-sight deposits. Indexed deposits includepension savings, indexed vacation allowance accounts, and other indexed savings.Data from October 2008 are preliminary. Monthly data.
Source: Central Bank of Iceland.
-50-40-30-20-10
010203040506070
2011201020092008200720062005
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VII Financial markets
VII-7
12-month change (%)
M3 and domestic bank credit
Corrected for estimated effects of price level and exchange rate movements onindexed and foreign-denominated loans. Real loan values are deflated by theCPI. Corrected for entry of Kaupthing from January 2002 onwards. Data fromOctober 2008 are preliminary. Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
M3
Credit in real terms
Debt stock excl. exchange rate adjustment and price indexation
Credit
-80
-60
-40
-20
0
20
40
6080
100
2011201020092008200720062005200420032002
VII-8
January 2002 = 100
Real M3 and domestic bank credit
M3 (seasonally adjusted) Credit
Lending and M3 at constant price levels are deflated by the CPI. Data fromOctober 2008 are preliminary. Monthly data.
Sources: Statistics Iceland, Central Bank of Iceland.
0
100
200
300
400
500
600
700
800
900
2011201020092008200720062005200420032002
VII-10
B.kr.
Bond auctions
Municipalities Treasury and Housing Financing Fund (HFF)
Other
Monthly data.
Source: Central Bank of Iceland.
0
10
20
3040
50
60
70
80
90
201120102009200820072006
VII-9
B.kr.
M3 and domestic bank credit
Data from October 2008 are preliminary. Monthly data.
Source: Central Bank of Iceland.
M1 M2 M3
0
200
400
600800
1,000
1,200
1,400
1,600
1,800
2010200920082007200620052004 11
VII-11
B.kr.
Base money
Categorisation of base money according to Central Bank of Iceland. Monthly data.
Source: Central Bank of Iceland.
Notes and coin Deposits
0
20
40
60
80
100
120
140
160
180
201020092008200720062005 2011
B.kr
VII-12
B.kr.
Central Bank collateral loans and overnight loans
Weekly data for collateral loans; daily data for overnight loans.
Source: Central Bank of Iceland.
Overnight loans (left) Collateral loans (right)Latest: 19 Aug.
0
20
40
60
80
100
120
140
160
180
200
220
0
50
100
150
200
250
300
350
400
450
500
550
20102009 20112008
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VII Financial markets
VII-15
% Latest: 19 Aug.
Central Bank real interest rate
According to 12-month inflation. Real interest rates according to breakeveninflation rate on Treasury notes are calculated based on Treasury note (RIKB13 0517) and Treasury bond (RIKS 1001) yields until June 2004, and onTreasury note (RIKB 13 0517) and HFF bond (HFF 150914) yields from July2004 onwards. From April 2009 onwards, the Central Bank deposit interestrate is considered the effective policy rate.
Sources: Capacent Gallup, Statistics Iceland, Central Bank of Iceland.
Inflat ion Breakeven inflat ion rateHousehold inflation expectations Businesses' inflation expectations
Real interest rate according to:
-4
-2
0
2
4
6
8
10
12
14
2011201020092008200720062005200420032002
VII-16
Forward interest rates calculated based on interbank market interest andyields on Treasury notes, using the Nelson-Siegel method. The valuation issubject to some uncertainty because of the small number of Treasury notesunderlying the calculations.
Source: Central Bank of Iceland.
Forward interest rates on Treasury bond market
%
19 August 2010 19 July 201119 August 2011
2011 2012 2013 2014
2
3
4
5
6
7
8
VII-17
%
Short-term interest rate differential
Latest: 19 Aug.
3-month interbank rates. Weekly data.
Source: Macrobond.
Iceland/Euro area Iceland/US
Iceland/Switzerland Iceland/Japan
Iceland/UK
0
2
4
6
8
10
12
14
16
18
20
2011201020092008200720062005200420032002
Latest: 19 Aug.
VII-13
%
Central Bank collateral loan rateand money market interest rates
Weekly data.
Source: Central Bank of Iceland.
REIBOR O/N Collateral loan rate REIBOR 3-month
2
4
6
8
10
12
14
16
18
20
20102009200820072006200520042003200220012000 2011
VII-14
% Latest: 22 Aug.
Central Bank and short-term market interest rates
Overnight CBI ratesCollateral loan rateMaximum rate on 28-day CDsO/N REIBOR
CBI current account rates
Daily data.
Source: Central Bank of Iceland.
2
4
6
8
10
12
14
16
18
20
22
24
2009 2010 2011
VII-18
Latest: 19 Aug.%
Long-term interest rate differential
Yields on non-indexed 10-year Treasury bonds are used. For Iceland, RIKB 130517 is used until end-February 2008, and RIKB 19 0226 is used thereafter.Weekly data.
Sources: Macrobond, Central Bank of Iceland.
Iceland/Germany Iceland/US
Iceland/Switzer land Iceland/Japan
Iceland/UK
0
2
4
6
8
10
12
2011201020092008200720062005200420032002
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2121
VII Financial markets
VII-24
%
Interest rates on indexed housing loans
Lowest rates for loans with prepayment penalty. Housing Financing Fund interestrates are indexed housing loan rates with prepayment penalty for December2005 onwards, and without prepayment before that time. 10-day data.Sources: Housing Financing Fund, Central Bank of Iceland.
Arion bank slandsbanki Landsbanki (NBI)
Housing Financing Fund (HFF)
Latest: 21 Aug.
4.0
4.5
5.0
5.5
6.0
6.5
7.0
20112009200820072006200504 2010
VII-23
Latest: 17 Aug.%
Bank lending and deposit rates
Spread between indexed lending and deposit ratesAverage indexed lending rates
Average indexed deposit rates (at 5 yrs.)
Due to changes in calculation methods, figures from February 2007 onwardsare not fully comparable with data from earlier periods. Weekly data.
Source: Central Bank of Iceland.
1
2
3
4
5
6
7
8
9
10
11
2011201020092008200720062005200420032002
VII-20
%
Yields on indexed long-term bonds
Latest: 19 Aug.
Weekly data.
Source: Central Bank of Iceland.
HFF150914 HFF150224 HFF150434 HFF150644
RIKS 21 0414RIKS 15 1001
0
1
2
3
4
5
6
7
8
9
2010 2011200920082007200620052004200320022001
Latest: 19 Aug.
VII-19
%
Long-term nominal Treasury bond yields
Weekly data.
Source: Central Bank of Iceland.
RIKB 11 0722 RIKB 13 0517
RIKB 25 0612 RIKB 31 0124
RIKB 16 1013 RIKB 19 0226
0
2
4
6
8
10
12
1416
201120102009200820072006
VII-21
%
Average nominal interest rates
Latest: 17 Aug.
Due to changes in calculation methods, figures from February 2007 onwardsare not fully comparable with data from earli er periods. Weekly data.
Source: Central Bank of Iceland.
Average interest rate on bank loans
Yield on Treasury notes (RIKB 13 0517)
Central Bank collateral loans
Average prime rate on bank loans
2
4
6
8
10
12
14
16
18
20
22
24
2011201020092008200720062005200420032002
VII-22
%
Average indexed interest rates
Latest: 17 Aug.
Due to changes in calculation methods, figures from February 2007 onwardsare not fully comparable with data from earlier periods. Weekly data.
Source: Central Bank of Iceland.
Average interest rate on bank loans HFF bond real yield (HFF150224)
Average prime rate on bank loansT-bond real yield (RIKS 1001)
2
3
4
5
6
7
8
9
10
11
2011201020092008200720062005200420032002
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2222
VII-27
Latest: 19 Aug.
ISK/EUR, ZAR/EUR, TRY/EUR, NZD/EUR, BRL/EUR 1 Jan. 2004 = 100
Exchange rate of high-yieldingcurrencies against the euro
Daily data.
Source: Macrobond.
South African rand (ZAR) New Zealand dollar (NZD)
Icelandic krna (ISK) Brazilian real (BRL)Turkish lira (TRY)
50
80
110
140
170
200
230
20112010200920082007200620052004
VII Financial markets
VII-29
FX-market turnover
Latest: 19 Aug.M.kr.
Daily data.
Source: Central Bank of Iceland.
0
400
800
1,200
1,600
2,000
2,400
2,800
2010 2011J J J JJ A FS O N D M MA AM A
VII-25
EURISK
The ISK exchange rate markets against the euro
Latest: 22 Aug.
The onshore exchange rate is the end-of-day rate. Daily data.
Source: Central Bank of Iceland.
Offshore Onshore
50
100
150
200
250
300
350
201120092008 2010
ISK/EUR, ISK/USD, ISK/GBP 3 January 2000 = 100
VII-26
Exchange rate of the krna against foreign currencies
Latest: 22 Aug.
The exchange rate index is calculated based on a narrow trade basket. Daily data.
Source: Central Bank of Iceland.
EUR (left) GBP (left) USD (left)
Average exchange rate - narrow TWI (right)
50
70
90
110
130
150
170
190
210
230250
50
70
90
110
130
150
170
190
210
230250
2011201020092008200720062005200420032002
VII-30
B.kr.
Turnover on the interbank market for krnur
Latest: 19 Aug.
Weekly data.
Source: Central Bank of Iceland.
0
5
10
15
20
25
30
35
40
2010 20112009
VII-28
1 January 2000 = 100 January 2000 = 100
Nominal and real effective exchange rate of the krna
Monthly data.
Source: Central Bank of Iceland.
Average exchange rate - broad TWI (r ight) Real exchange rate (left)
556065707580
859095
100105110115120125
230220110200190180
17016015014013012011010090
2011201020092008200720062005200420032002
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VII Financial markets
VII-31
B.kr.
Bond market turnover
Latest: 19 Aug.
Weekly data.
Source: Central Bank of Iceland.
0
20
40
60
80
100
120
140160
20102009
A S O N D J MF A M J J A S O N D J MF A M J J A
20115-year EUR credit spread on the Republic of Iceland. Daily data.
Source: Central Bank of Iceland.
VII-32
Basis points
CDS spread for Iceland
Latest: 19 Aug.
0
200
400
600
800
1,000
1,200
1,400
1,600
2011200920082007 2010
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