Iceland: Staff Report for the 2002 Article IV Consultation

International Monetary Fund

No 2002/130, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2002 Article IV Consultation highlights that the economic developments in Iceland since early 2001 have been characterized by progress in the correction of some of the imbalances. As sentiment turned, the currency depreciated sharply and growth in economic activity decelerated from 5½ percent in 2000 to 3 percent in 2001—bringing it closer to its long-term sustainable pace. The balance of demand switched swiftly from consumption and other domestic expenditure to net exports and, as a result, the current account deficit fell to about 4½ percent of GDP.

Keywords: ISCR; CR; króna; monetary policy; inflation targeting; shrinking current account deficit; inflation-targeting monetary policy regime; introduced inflation-targeting framework; current account reversal; exchange rate; Inflation; Current account deficits; Loans; Global (search for similar items in EconPapers)
Pages: 55
Date: 2002-07-03
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