Turnover was much higher in the spring 2021 than in the spring of 2020 when there were many restrictions due to COVID-19. VAT-turnover increased by 18% in the period March-April when compared with the same period in 2020, and 6% when compared with the same period in 2019.
When comparing March-April 2021 with the same period in 2019, the highest increases in VAT-turnover where found in retail, wholesale excluding wholesale of fuels, and the export industries. During the same period, the average exchange rate (trade weighted index) increased by 10%. VAT-turnover decreased in all activities related to tourism.
| Turnover according to VAT-reports in March-April (billion ISK) | ||||||
| March-April 2019 | March-April 2020 | March-April 2021 | Change 2019-2020, % | Change 2020-2021, % | Change 2019-2021, % | |
| Total excluding the pharmaceutical industry¹ | 731.2 | 657.8 | 775.1 | -10 | 18 | 6 |
| Agriculture and forestry² | .. | .. | .. | .. | .. | .. |
| A-03/C-102 Fishing, aquaculture and fish processing | 72.4 | 68.3 | 95.2 | -6 | 39 | 31 |
| C-24 Manufacture of basic metals | 43.1 | 42.2 | 50.4 | -2 | 19 | 17 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture of basic metals | 69.1 | 66.4 | 80.0 | -4 | 21 | 16 |
| D/E Electricity, gas;water supply; sewerage and waste management | 32.3 | 33.7 | 36.7 | 4 | 9 | 14 |
| F/B Construction, mining and quarrying | 53.3 | 47.5 | 54.3 | -11 | 14 | 2 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 24.8 | 21.7 | 27.1 | -12 | 25 | 9 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 47.9 | 42.8 | 57.9 | -11 | 35 | 21 |
| G-4671 Wholesale of fuels | 22.6 | 15.2 | 18.5 | -33 | 22 | -18 |
| G-46 Other wholesale | 59.8 | 61.2 | 72.8 | 2 | 19 | 22 |
| G-47 Retail trade | 75.9 | 79.6 | 94.1 | 5 | 18 | 24 |
| H Transportation and storage | 63.0 | 39.7 | 42.0 | -37 | 6 | -33 |
| I55 Accommodation | 12.1 | 4.3 | 3.1 | -65 | -27 | -74 |
| I56 Food and beverage service activities | 15.3 | 8.2 | 11.6 | -46 | 40 | -25 |
| J Information and communication | 39.1 | 45.3 | 44.4 | 16 | -2 | 13 |
| N-7711 Renting and leasing of cars and light motor vehicles | 6.4 | 3.8 | 3.7 | -41 | -2 | -42 |
| N-79 Travel agencies, tour operator reservation service and related activities | 13.0 | 2.7 | 1.8 | -80 | -34 | -86 |
| Other fields of activity | 78.5 | 73.0 | 79.2 | -7 | 9 | 1 |
| 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. | ||||||
Revision of statistics
At the time of our press release 28 April, the VAT-turnover, excluding the pharmaceutical industry, in January to February 2021 was estimated 634.0 billion ISK which was a decrease of 2.5% compared with the same period in 2020. At present, more data are available and the turnover is estimated 635.4 billion ISK, a decrease of 2.3%.
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
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