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Begin New Search Political Geography Iceland Publishing Institution The Organisation for Economic Co-operation and Development

1. OECD Short Term Indicators: November 1998

Publication Date:
11-1999
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Gross Domestic Product: Volume series, seasonally adjusted except for Czech Republic and Portugal Leading Indicator: A composite indicator, based on other indicators of economic activity (employment, sales, income, etc.), which signals cyclical movements in industrial production from six to nine months in advance Consumer Price Index: Measures changes in average retail prices of a fixed basket of goods and services Current Balance: $ billion; not seasonally adjusted except for Australia, the United Kingdom and the United States Unemployment Rate: % of civilian labour force – standardised unemployment rate; national definitions for Czech Republic, Iceland, Korea, Mexico, Poland, Switzerland and Turkey; seasonally adjusted apart from Turkey Interest Rate: Three months, except for Greece (twelve months) and Turkey (overnight interbank rate) ..
Political Geography:
United States, United Kingdom, Turkey, Poland, Australia, Switzerland, Korea, Mexico, Iceland, and Czech Republic

2. Economic Survey of Iceland, 1999

Publication Date:
12-1999
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
The Icelandic economy has expanded rapidly over the past five years, bringing output to well above its potential. Clear signs of overheating have emerged, with unemployment below 2 per cent, inflation picking up and a large current external deficit. These developments are projected to continue, raising the risks of a wage-price spiral and financial instability. To guard against such risks, a significant tightening of monetary policy is required, with less priority attached to the exchange rate as a target for policy. This should be complemented by a medium-term fiscal discipline aiming at achieving a structural budget surplus. Such a course would help cope with long-term care spending that will rise with ageing. On the other hand, except for government employees, pensions should not constitute a burden for public finances, as, for the main, they will be provided by the private sector. To enhance future growth prospects, it will be important to maintain and extend the fishing quota regime in the face of legal threats and to increase competitive forces, especially in the telecommunications industry.
Topic:
Economics
Political Geography:
Europe and Iceland