Iceland: Staff Report for the 2005 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 367

Publication date: October 2005

ISBN: 9781451819304

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , ISCR , CR , deficit , loan , GDP , monetary policy , inflation-targeting monetary policy framework , mortgage credit condition , data ROSC exercise , inflation stabilization task , investment project , state telecommunication company , monetary policy stance , inflation prospect , monetary policy meeting , tolerance range , Inflation , Mortgages , Loans , Housing prices

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Summary

Iceland’s 2005 Article IV Consultation reports that new projects have rekindled rapid growth and the economy is exhibiting signs of overheating, with imbalances evident in inflation, the current account, and external debt. GDP grew at an average rate of 3.8 percent between 1995 and 2004, second only to Ireland among industrial countries. Major investment projects have contributed both to the high growth rate and to overall macroeconomic volatility because of their size relative to that of the economy.