The total turnover of enterprises in activities that are subject to VAT, excluding the pharmaceutical industry, amounted to 4,322 billion ISK in the twelve month period of May 2017 to April 2018, which is an increase of 6.8% compared with the preceding twelve months. The turnover in March to April 2018 was 694 billion ISK, an increase of 7.2% compared with the same period in 2017.
| Table 1. Turnover according to VAT-reports (billion ISK) | ||||||
| March-April 2017 | March-April 2018 | % | May 2016-April 2017 | May 2017-April 2018 | % | |
| Total excluding the pharmaceutical industry¹ | 647 | 694 | 7.2 | 4,047 | 4,322 | 6.8 |
| A-01/A-02 Agriculture and forestry² | • | • | • | 51 | 51 | 0.2 |
| A-03/C-102 Fishing, aquaculture; fish processing | 59 | 61 | 3.5 | 320 | 344 | 7.3 |
| C-24 Manufacture of basic metals | 62 | 65 | 5.3 | 398 | 414 | 4.1 |
| C Manufacturing; excluding fish processing, pharmaceutical industry and manufacture of basic metals | 38 | 38 | 0.6 | 205 | 228 | 11.4 |
| D/E Electricity, gas; water supply; sewerage and waste management | 28 | 30 | 6.2 | 164 | 174 | 6.2 |
| F/B Construction, mining and quarrying | 46 | 50 | 10.6 | 297 | 333 | 12.2 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 29 | 27 | -5.0 | 163 | 174 | 6.9 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 34 | 41 | 22.5 | 207 | 209 | 1.1 |
| G-4671 Wholesale of fuels | 19 | 19 | -1.1 | 116 | 124 | 7.0 |
| G-46 Other wholesale | 53 | 57 | 6.7 | 340 | 349 | 2.7 |
| G-47 Retail trade | 68 | 74 | 8.3 | 435 | 467 | 7.2 |
| H Transportation and storage | 67 | 74 | 9.3 | 432 | 470 | 8.8 |
| I Accommodation and food service activities | 26 | 27 | 1.9 | 181 | 192 | 5.7 |
| J Information and communication | 32 | 37 | 15.3 | 192 | 204 | 6.0 |
| L Real estate activities | 12 | 14 | 12.9 | 78 | 83 | 7.0 |
| N-7711 Renting and leasing of cars and light motor vehicles | 7 | 7 | -2.5 | 48 | 52 | 8.9 |
| N-79 Travel agency, tour operator reservation service and related activities | 14 | 15 | 2.8 | 103 | 108 | 5.3 |
| Other fields of activity | 51 | 57 | 11.1 | 318 | 345 | 8.7 |
| ¹For the time being, VAT-turnover is published excluding the pharmaceutical industry. Data validation is ongoing | ||||||
| ²Most farmers report VAT every 6 months. Hence data in two-month buckets are not a good indicator of trends in agriculture. | ||||||
Revision of statistics
At the time of our previous press release, in May, the VAT turnover, excluding the pharmaceutical industry, in January to February 2018 was estimated 617.5 billion ISK which was an increase of 12.8% compared with the same period in 2017. At present, more data are available and the VAT turnover in January to February 2018 is estimated 618.1 billion ISK, an increase of 12.9% compared with the same period in 2017.
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.
All economic activities.