According to VAT-reports, turnover increased in May-June 2021 when compared with the same period in 2020. In the spring of 2020, there were many restrictions due to the Covid-19 pandemic and therefore it is relevant to compare turnover in the spring of 2021 with turnover in the spring of 2019, i.e. before the pandemic.
When comparing May-June 2021 with the same period in 2019, VAT-turnover increased in production, fisheries, and most activities in retail and wholesale trade. During the same period, the average exchange rate (trade weighted index) increased by 5%. VAT-turnover decreased in all activities related to tourism.
| Turnover according to VAT-reports (billion ISK) | ||||||
| May-June 2019 | Mary-June 2020 | May-June 2021 | Change 2019-2020, % | Change 2020-2021, % | Change 2019-2021, % | |
| Total excluding the pharmaceutical industry,¹ agriculture and forestry² | 810.8 | 698.4 | 834.0 | -14 | 19 | 3 |
| Agriculture and forestry² | .. | .. | .. | .. | .. | .. |
| A-03/C-102 Fishing, aquaculture and fish processing | 66.5 | 66.2 | 75.6 | 0 | 14 | 14 |
| C-24 Manufacture of basic metals | 39.2 | 34.4 | 52.5 | -12 | 53 | 34 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture of basic metals | 77.0 | 75.8 | 86.8 | -1 | 14 | 13 |
| D/E Electricity, gas;water supply; sewerage and waste management | 31.5 | 31.7 | 34.9 | 1 | 10 | 11 |
| F/B Construction, mining and quarrying | 63.1 | 57.3 | 63.7 | -9 | 11 | 1 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 30.1 | 25.3 | 38.5 | -16 | 53 | 28 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 42.2 | 36.7 | 45.7 | -13 | 25 | 8 |
| G-4671 Wholesale of fuels | 28.0 | 18.1 | 23.2 | -35 | 28 | -17 |
| G-46 Other wholesale | 65.1 | 67.4 | 77.7 | 4 | 15 | 19 |
| G-47 Retail trade | 84.9 | 93.4 | 102.9 | 10 | 10 | 21 |
| H Transportation and storage | 76.4 | 39.6 | 47.4 | -48 | 20 | -38 |
| I55 Accommodation | 18.5 | 3.8 | 8.6 | -80 | 126 | -54 |
| I56 Food and beverage service activities | 17.7 | 12.8 | 16.7 | -27 | 30 | -6 |
| J Information and communication | 42.4 | 42.1 | 44.5 | -1 | 6 | 5 |
| N-7711 Renting and leasing of cars and light motor vehicles | 9.9 | 5.1 | 6.6 | -49 | 30 | -33 |
| N-79 Travel agencies, tour operator reservation service and related activities | 18.0 | 1.2 | 6.3 | -93 | 439 | -65 |
| Foreign enterprices liable to VAT in Iceland | 3.7 | 2.5 | 14.4 | -32 | 476 | 291 |
| Other fields of activity | 79.3 | 66.5 | 82.9 | -16 | 25 | 5 |
| 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, and have longer reporting deadlines. Reliable data on VAT-turnover during the first half of 2021 in agriculture are not yet available. | ||||||
Revision of statistics
At the time of our press release 9 July, the VAT-turnover excluding the pharmaceutical industry, in January to February 2021 was estimated 775.1 billion ISK which was an increase of 17.8% compared with the same period in 2020. At present, more data are available and the turnover is estimated 775.4 billion ISK, an increase of 17.9%.
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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