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.