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Iceland’s growth outlook still strong

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The Analytica Composite Leading Indicator (CLI) for Iceland rose by 0.1 per cent in February, although there were some downward revisions for the last three months.

The CLI still indicates growth above the long term trend.
 
Three of the six components rise on the previous month with the largest impact being due to the increase of the value of fish catches and the increase in tourist arrivals. All components are adjusted for seasonality and long term trend. The long-term trend of some important CLI components is still strong. The main risk factors continue to include some external factors mainly in relation to the geopolitical situation.
 
Turning points of the CLI tend to precede turning points in economic activity relative to trend by approximately six months. Economic activity is measured by Gross Domestic Product (GDP) published by the Statistical Bureau of Iceland. The calculation of Analytica’s CLI is based on methodology adopted by the OECD.
 
There are six components of Analytica’s CLI. These are: fish catches; inflation adjusted debit card turnover; number of tourists visiting Iceland; the MSCI World equities index; inflation adjusted imports; and the Gallup Index of Consumer Confidence. For February, two of the six underlying components are strengthening year on year. However, three of the six components rise on the previous month.

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