Credit card usage drops in Iceland

kort_austurland480_ferdavisirCredit and debit card use in Iceland has reduced considerably so far this year. Household credit card turnover rates dropped about 13.8 percent from January to May this year, whilst the debit card turnover dropped nearly 0.3 percent around the same time. The total turnover on domestic credit and debit card use between January and May fell about 7.5 percent.Icelandic credit card use abroad also dropped significantly – roughly 25 percent. At the same time, foreign credit card use in Iceland increased by 74.4 percent in the first five months of the year. Part of the drop can be accounted for by lower sales of big items such as electronics and new cars.

More statistics can be found at the Statistics Bureau, Hagstofa Islands, here. (though the document is mainly in Icelandic)

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