The price of real estate in Iceland is no longer driven by increased purchasing power, but rather by a lack of housing and the fear that the housing supply will continue to diminish.
At a press conference yesterday, Icelandic Prime Minister Bjarni Benediktsson and Minister of Finance Benedikt Jóhannesson announced that all capital controls for individuals, companies and pension funds will be lifted tomorrow.
Preliminary figures show that gross domestic product in Iceland grew by 7.2 percent in real terms last year.
Governor of the Central Bank of Iceland Már Guðmundsson does not like the idea, introduced earlier this week by a construction company, to offer 95 percent loans to home buyers.
Icelandic Family Aid expects to assist about 700 families or 2,000 individuals in dire need this holiday season.
The Icelandic government’s budget bill was presented in Alþingi, the Icelandic parliament, yesterday when Alþingi reconvened.
Representatives of fish processing companies in the northern part of the West Fjords are worried about the strong value of the Icelandic króna, which has caused them a considerable loss of income.
The Monetary Policy Committee of the Central Bank of Iceland has decided to keep the bank’s interest rates unchanged.
A new study shows that in order to construct each square meter of residential housing in Iceland, 35-60 percent more man-hours are needed than in Norway.
On October 6, 2008, the decision was made to provide Kaupþing bank with a EUR 500 million loan, even though it was thought unlikely that the loan would ever be repaid.
Yesterday, Icelandic MPs unanimously voted to pass a parliamentary bill regarding the lifting of capital controls.
The consumer price index in Iceland was miscalculated during the past six months, because of mistakes made at Iceland Statistics.
Iceland ranks 27th on a list of countries in the 2016-2017 Global Competitiveness Report, published by the World Economic Forum.
Moody’s Investor Service raised the credit rating for the Icelandic state treasury by two points, from Baa2 to A3 yesterday, with stable outlook. Iceland’s credit rating has not been higher since in late 2008.
The Icelandic pension funds hold at least 40 percent of shares on the local stock market worth approximately ISK 365 billion (USD 3.1 billion, EUR 2.8 billion). Their combined share has increased by nine percent in three years.
In a new economic forecast presented today, Íslandsbanki bank predicts a GDP growth of 5.4 percent in Iceland this year, the highest one in a decade.