Albany, NY (PRWEB) August 06, 2013
The report provides market analysis, information and insights into Iceland’s cards and payments market, including:
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Iceland’s card payments channel exhibited negative growth during the review period (2008–2012), declining at a CAGR of -2.49%, from 796,456 cards in 2008 to 719,950 cards in 2012. This can be attributed to the banking crisis that occurred in the country during 2008–2011. Over the forecast period (2013–2017), the channel is expected to register marginal growth at a CAGR of 1.85%, rising from 737,259 cards in 2013 to 793,275 in 2017. Despite numerous challenges such as the banking crisis, global economic slowdown, bankruptcy of major banks and currency depreciation, Iceland’s economy recovered from 2010 onwards.
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Gross domestic product (GDP) growth increased from -4.1% in 2010 to 1.2% in 2012. Notably, inflation declined from 12% in 2008 to 6% in 2012, but is still high when compared to pre-crisis figures. Iceland’s GDP is projected to grow at an average of 2.1% over the forecast period. The country’s balance of payments still needs to be handled as the Icelandic krona is still recovering in the world market. However, post-bailout Iceland has emerged from its banking crisis and is now repaying parts of its bailout debt to the IMF. Economic recovery is expected to foster growth in the card payments channel over the forecast period.
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