For economic activities subject to VAT, the VAT-turnover in January-February 2020 reflects the status just before the economy was affected by the Covid-19 pandemic.
Decreased turnover in fisheries and manufacture of metals
VAT-turnover in fishing and fish processing decreased by 14.5% in January-February 2020 compared with the same period 2019. In the same period, turnover in wholesale of fish and fish markets decreased by 11.4% and the turnover of manufacture of basic metals decreased by 13.9%.
Slowdown in the building sector
VAT-turnover in the building sector was 7.2% lower in January-February compared with the same period in 2019.
Decreased turnover in tourism
VAT-turnover in activities related to tourism was 9.9% lower in January-February 2020, compared with the same period in 2019. The greatest changes were in car rentals (-16.9%), travel agencies (-12.9%) and in passenger transport (-27.8% to -13.1%).
| Turnover according to VAT-reports (billion ISK) | ||||||
| Jan.-Feb. 2019 | Jan.-Feb. 2020 | % | March 2018 - Feb. 2019 | March 2019 - Feb. 2020 | % | |
| Total excluding the pharmaceutical industry¹ | 675 | 663 | -1.7 | 4,596 | 4,627 | 0.7 |
| Agriculture and forestry² | .. | .. | .. | 52 | 52 | -0.1 |
| A-031/C-102 Fishing and fish processing | 63 | 54 | -14.5 | 359 | 384 | 6.9 |
| A-032 Aquaculture | 4 | 7 | 75.9 | 16 | 31 | 92.5 |
| C-24 Manufacture of basic metals | 43 | 37 | -13.9 | 256 | 228 | -10.9 |
| C Manufacturing; excluding fish processing, pharmaceutical industry and manufacture of basic metals | 62 | 73 | 17.5 | 433 | 451 | 4.0 |
| D/E Electricity, gas;water supply; sewerage and waste management | 32 | 32 | 1.7 | 189 | 192 | 1.5 |
| F/B Construction, mining and quarrying | 47 | 44 | -7.2 | 360 | 363 | 0.7 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 22 | 20 | -11.4 | 161 | 144 | -10.6 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 44 | 39 | -11.4 | 240 | 253 | 5.5 |
| G-4671 Wholesale of fuels | 20 | 19 | -3.3 | 137 | 148 | 8.3 |
| G-46 Other wholesale | 58 | 58 | 0.4 | 371 | 392 | 5.7 |
| G-47 Retail trade | 70 | 72 | 2.8 | 480 | 498 | 3.8 |
| H Transportation and storage | 59 | 53 | -10.7 | 487 | 417 | -14.4 |
| I Accommodation and food service activities | 25 | 24 | -1.4 | 202 | 198 | -1.8 |
| J Information and communication | 36 | 38 | 6.6 | 227 | 236 | 4.1 |
| N-7711 Renting and leasing of cars and light motor vehicles | 6 | 5 | -16.9 | 51 | 47 | -7.8 |
| N-79 Travel agencies, tour operator reservation service and related activities | 15 | 13 | -12.9 | 114 | 112 | -2.0 |
| Foreign enterprises selling e-services to households in Iceland | 2 | 3 | 12.5 | 16 | 16 | 3.7 |
| Other fields of activity | 65 | 71 | 8.5 | 444 | 463 | 4.3 |
| ¹ For the time being, VAT-turnover is published excluding the pharmaceutical industry. Data validation is ongoing. | ||||||
| ² Many farmers report VAT biannually, in accordance with paragraph 31 of the VAT-laws. Hence, bimonthly data do not reflect the turnover in agriculture. | ||||||
| VAT-turnover in activities related to tourism (billion ISK) | ||||||
| Jan.-Feb. 2019 | Jan.-Feb. 2020 | % | March 2018 - Feb. 2019 | March 2019 - Feb. 2020 | % | |
| Total | 80 | 72 | -9.9 | 676 | 608 | -10.1 |
| 511: Passenger air transport | 31 | 27 | -13.1 | 280 | 224 | -19.9 |
| 55: Accommodation | 11 | 11 | -1.7 | 102 | 99 | -3.2 |
| 56: Food and beverage service activities | 14 | 14 | -1.2 | 100 | 100 | -0.4 |
| 7711: Renting and leasing of cars and light motor vehicles | 6 | 5 | -16.9 | 51 | 47 | -7.8 |
| 79: Travel agencies (abroad) | 2 | 2 | 12.8 | 17 | 17 | -0.3 |
| 79: Travel agencies (in Iceland) | 13 | 11 | -16.8 | 97 | 95 | -2.2 |
| 493: Passenger land transport | 3 | 3 | -16.2 | 23 | 21 | -9.2 |
| 501, 503: Sea and inland water passenger transport | 0 | 0 | -27.8 | 5 | 5 | -5.1 |
Revision of statistics
At the time of our previous press release, in March, the VAT turnover, excluding the pharmaceutical industry, in November to December 2019 was estimated 805.7 billion ISK which was a decrease of 0.84% compared with the same period in 2018. At present, more data are available and the VAT turnover in November to December 2019 is estimated 807.8 billion ISK, a decrease of 0.58% compared with the same period in 2018.
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.
Statistics
The tourism industry
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