The total turnover of enterprises in activities that are subject to VAT, excluding travel agencies and land passenger transport, amounted to 695 billion ISK in the period of November to December 2016, which is an increase of 0.3% compared to the same period in 2015. The turnover was 4% higher in 2016 than the year before. Travel agencies and land passenger transport were not subject to VAT before 2016, and thus comparing turnover including these activities in 2016 with turnover excluding these activities prior to 2016 would be misleading.

The total turnover of enterprises in activities that are subject to VAT amounted to 712 billion ISK in the period of November to December 2016.

Turnover (ISK billions)
  Nov.-Dec. 2015 Nov.-Dec. 2016 % 2015 2016 %
Total 694 712   3,829 4,096  
Total excluding travel agencies and land passenger transport¹ 693 695 0.3 3,821 3,979 4.1
01/02 Agriculture and forestry²       49 50 2.5
03/10.2 Fishing, aquaculture; fish processing 65 49 -25.3 395 348 -11.8
24 Manufacture of basic metals 35 32 -8.4 251 198 -21.2
C Manufacturing excluding 10.2 and 24 89 87 -2.2 457 464 1.5
D/E Electricity, gas;  water supply; sewerage and waste management 29 30 3.7 168 162 -3.3
F/B Construction, mining and quarrying 41 55 34.5 200 273 36.1
45 Wholesale and retail trade and repair of motor vehicles and motorcycles 23 23 3.6 133 161 20.3
4617/46381 Wholesale of fish and fish markets 38 28 -24.2 250 225 -9.9
4671 Sale of fuels 15 16 7.0 119 110 -7.7
G Wholesale, excluding fish and fuels 62 63 2.0 319 342 7.0
H Transportation and storage¹ 77 83 7.8 398 429 7.8
I Accommodation and food service activities 60 60 -0.1 380 429 12.9
J Information and communication 19 26 34.0 134 170 26.9
79 Travel agency, tour operator reservation service and related activities 1 13   7 96  
Other fields of activity 80 85 6.7 391 444 13.6
¹Since the beginning 2016, some economic activities are no longer exempt from VAT, e.g. travel agencies (section N) and certain types of passenger transportation (section H).
²Most farmers report VAT every 6 months. Hence data in two-month buckets are not a good indicator of changes in agriculture.

Revision of statistics
At the time of our previous press release, in January, the VAT turnover in September to October 2016 was estimated 687.7 billion ISK which was an increase of 6.7% compared to the same period in 2015. At present, more data are available and the VAT turnover in September to October 2016 is estimated 689.6 billion ISK which is an increase of 7.0% compared to the same period in 2015.

Other statistics on business economy
Statistics Iceland publishes annual income and balance statements of enterprises by activity, based on tax returns, providing a detailed picture of the individual sectors. The latest income statement and balance sheet. 

Statistics