Iceland: Net errors and omissions
* indicates monthly or quarterly data series
| Iceland |
Balance of payments, net errors and omissions |
|---|---|
| Latest value | 541.46 |
| Year | 2023 |
| Measure | million USD |
| Data availability | 1976 - 2023 |
| Average | -74.82 |
| Min - Max | -9,633.56 - 6,174.80 |
| Source | The World Bank |
The latest value from 2023 is 541.46 million USD, an increase from 66.53 million USD in 2022. In comparison, the world average is -1826.71 million USD, based on data from 111 countries. Historically, the average for Iceland from 1976 to 2023 is -74.82 million USD. The minimum value, -9633.56 million USD, was reached in 2008 while the maximum of 6174.8 million USD was recorded in 2009.
See the global rankings for that indicator or
use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series
Recent data
Historical series
Definition: Net errors and omissions constitute a residual category needed to ensure that accounts in the balance of payments statement sum to zero. Net errors and omissions are derived as the balance on the financial account minus the balances on the current and capital accounts. Data are in current U.S. dollars.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
All articles
| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 98.96 | 2021 | percent |
| Trade openness | 86.79 | 2023 | percent |
| Financial openness | 1.793 | 2021 | index points |
| Exports, percent of GDP | 43.37 | 2023 | percent |
| Exports, billion dollars | 13.45 | 2023 | billion U.S. dollars |
| Growth of exports | 4.81 | 2023 | percent |
| Imports, percent of GDP | 43.42 | 2023 | percent |
| Imports, billion dollars | 13.47 | 2023 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 4.35 | 2022 | percent |
| Foreign Direct Investment, billion dollars | 1.15 | 2022 | billion U.S. dollars |
| Portfolio investment inflows, equities | -77.09 | 2023 | million dollars (current) |
| Current account, percent of GDP | 1.00 | 2023 | percent |
| Current account, in dollars | 0.32 | 2023 | billion U.S. dollars |
| Trade balance, percent of GDP | -0.40 | 2022 | percent |
| Trade balance, in dollars | 0.01 | 2023 | billion U.S. dollars |
| Reserves | 5.81 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 0.66 | 2023 | percent |
| Remittances | 206.14 | 2023 | million U.S. dollars |
| Net errors and omissions | 541.46 | 2023 | million USD |
| Foreign exchange reserves | 887.52 | 6/2024 | billion |