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Iceland: 2013 Article IV Consultations and Third Post-Program Monitoring Discussions

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  • International Monetary Fund

Abstract

This 2013 Article IV Consultation highlights that Iceland’s economy is on a path to recovery, but legacy vulnerabilities are weighing on growth. GDP growth—which reached 2.9 percent in 2011—slowed to 1.6 percent in 2012 amid private sector deleveraging and weak external demand. Unemployment has continued to decline however, standing at 5.1 percent in May, down from a peak of 9.2 percent in September 2010. Inflation has come down to 3.3 percent in June from a peak of 18.6 in January 2009, but remains above the central bank’s target of 2½ percent. The outlook is for modest growth, declining inflation, and improving fiscal and external position.

Suggested Citation

  • International Monetary Fund, 2013. "Iceland: 2013 Article IV Consultations and Third Post-Program Monitoring Discussions," IMF Staff Country Reports 2013/256, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2013/256
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    1. Mr. Andrew J Tiffin, 2006. "Ukraine: The Cost of Weak Institutions," IMF Working Papers 2006/167, International Monetary Fund.
    2. Hung-jen Wang & Peter Schmidt, 2002. "One-Step and Two-Step Estimation of the Effects of Exogenous Variables on Technical Efficiency Levels," Journal of Productivity Analysis, Springer, vol. 18(2), pages 129-144, September.
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    1. Fridrik Mar Baldursson & Richard Portes & Eirikur Elis Thorlaksson, 2023. "Capital controls as a bargaining device: The case of Iceland," Review of International Economics, Wiley Blackwell, vol. 31(4), pages 1303-1328, September.

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