Turnover increased in most industries in March and April of 2025 compared with the same months in 2024. Turnover increased most in vehicle sales, manufacture of basic metals and real estate. Significant growth was also in fisheries and most of tourism. Growth was, however, small in wholesale trade and certain technology industries. Overall, turnover increased in most industries with the growth generally exceeding the period’s inflation (4.0%).
Turnover in the tourism industry increased by roughly 7% to total nearly 139 billion ISK. Some variation was among the areas of the industry but most notable was 54% growth in physical well-being activities and nearly 12% in renting and leasing of motor vehicles. In addition, there was 10% increase at travel agencies in terms of services in connection with travel abroad while only 3% growth was in services in connection with domestic travel. Turnover increased by nearly 8% in passenger air transport and 7% in passenger transport on sea and inland waters. On the contrary, there was 3% contraction in passenger transport on land. Lastly, only 5% growth was in accommodation and 2% in food and beverage activities.
Turnover in real estate amounted to 29 billion ISK in March and April which was nearly 12% increase year over year. Growth was evenly distributed among the main areas of the industry with rent revenue from commercial real estate always being the primary source of turnover. In the construction industry there was smaller growth or roughly 5% with turnover totalling 105 billion ISK. Most of the growth was due to specialised construction activities (9%) but only 2% growth was in construction of buildings.
Turnover in the technology sector amounted to 114 billion ISK and increased by only 2% during the period of March to April 2025. However, significant variation was in growth among the sector’s industries. Thus, turnover increased by 16% in high and medium-high technology manufacturing which was mostly due to 64% growth in pharmaceutical manufacturing. Turnover grew also by 15% in manufacture of computer, electronic and optical products. Still, overall results were weighed down by 4% contraction in knowledge-intensive high technology services as turnover decreased by 38% in information service activities (data processing, hosting, etc.). However, in other areas of computer-related activities there was decent growth with, for example, 16% increase in computer programming.
Turnover continued to grow in manufacture of base metals by 15% as the price of aluminium was considerably higher in March and April of 2025 compared with the same months in 2024. Overall quantity exported increased only modestly and the exchange rate was higher. In other export industries there was also significant growth as turnover increased by 9% in fishing, aquaculture and fish processing. Thereof, nearly 11% growth was in fisheries with turnover amounting to 90 billion ISK. However, in aquaculture there was a 7% contraction but turnover in the industry is generally small (only 6 billion ISK).
Sale of motor vehicles increased significantly again as turnover in wholesale and retail trade and repair of motor vehicles and motorcycles grew by 20% in March and April of which 26% growth came from vehicle sales. In retail trade there was also decent growth, or approximately 7%, where turnover increased by 35% at pharmacies. Nearly 7% growth was in supermarkets and grocery stores but only 2% in hardware stores and -2% in clothing and footwear stores. Lastly, turnover in wholesale trade increased by only 1% as wholesale trade of fuel fell by 14%.
Statistics
All economic activities
The tourism industry