The IMF report on Iceland

Indicators of consumption are plummeting, and the deterioration in the labor market is accelerating, with rising unemployment and falling real wages contributing to a considerable contraction in real incomes. Significant import compression is underway allowing a sustained turnaround in the trade balance, as exports continue to benefit from a weaker króna. Meanwhile, inflation has risen from 14 percent in September to 17.1 percent in November, in line with the program.

From the new IMF report on the situation in Iceland

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