{
  "title": "Iceland: Staff Report for the 2005 Article IV Consultation",
  "publication": "IMF Staff Country Reports, October 14, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/iceland-staff-report-for-the-2005-article-iv-consultation-18624",
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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.",
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    {
      "heading": "Executive summary and key findings",
      "content": "- New projects have rekindled rapid growth and the economy is exhibiting signs of overheating.\n- Imbalances are evident in inflation, the current account, and external debt.\n- GDP grew at an average rate of 3.8 percent between 1995 and 2004, second only to Ireland among industrial countries.\n- 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."
    },
    {
      "heading": "Macroeconomic indicators and vulnerabilities",
      "content": "- Average GDP growth (1995–2004): 3.8 percent.\n- Areas of imbalance identified:\n  - Inflation\n  - Current account\n  - External debt\n- Role of investment projects:\n  - Major investment projects have materially raised growth.\n  - The size of these projects relative to the economy has contributed to macroeconomic volatility."
    },
    {
      "heading": "Thematic focus (as listed in source)",
      "content": "- External debt\n- Financial institutions\n- Prices"
    },
    {
      "heading": "Keywords and policy-relevant terms (as listed in source)",
      "content": "- CR, data ROSC exercise, deficit, GDP, Housing prices, Inflation, inflation prospect, inflation stabilization task, inflation-targeting monetary policy framework, investment project, ISCR, loan, Loans, monetary policy, monetary policy meeting, monetary policy stance, mortgage credit condition, Mortgages, state telecommunication company, tolerance range\n\n---\n\n Content in this bundle\n\n- cr05367\n  - cr05367 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr05367 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: October 14, 2005",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451819304.002",
    "New projects have rekindled rapid growth and the economy is exhibiting signs of overheating.",
    "Imbalances are 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.",
    "Average GDP growth (1995–2004): 3.8 percent.",
    "Areas of imbalance identified:",
    "Role of investment projects:",
    "CR, data ROSC exercise, deficit, GDP, Housing prices, Inflation, inflation prospect, inflation stabilization task, inflation-targeting monetary policy framework, investment project, ISCR, loan, Loans, monetary policy, monetary policy meeting, monetary policy stance, mortgage credit condition, Mortgages, state telecommunication company, tolerance range",
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