Central Bank of Iceland - Annual Report 2003

The Central Bank of Iceland has published its Annual Report for the year ended 2003. At the same time as national expenditure rebounded quite strongly from the low in 2001 and 2002, exports stagnated. Despite a strong recovery of private consumption and investment the labour market remained weak, the annual report says.

Unemployment ceased to grow towards the end of the summer, but was only marginally lower by the end of the year than at its peak in August. Coupled with low international

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