Icelandic private consumption figures on the up

Growth in private consumption in Iceland has not been higher in the second quarter since before the 2008 banking crash, according to analysts and Islandsbanki.

A statement from Islandsbanki says that if Central Bank of Iceland figures on payment transactions are accurate, it means that credit card turnover has increased by six percent year-on-year. Domestic-issued credit card turnover only went up by three percent. The lower figure comes despite the injection of cash from the new national wage contract in June. Due to a delay in working out the new contract, all full-time workers received a one-off payment of ISK 50,000 on 1st June. They also received a pay rise.