Turnover increased in most of the main industries in Iceland in March and April of 2026 compared with the same months in 2025. Turnover increased most in information technology (with significant growth in data centres) and fishing, aquaculture and fish processing. On the other hand, there was considerable contraction in vehicle sales, metals manufacturing and tourism. Turnover growth exceeded inflation in around one half of all industries as inflation for the period was 5.3%.
Turnover in the technology sector (excl. pharmaceutical production) amounted to nearly 120 billion ISK in March and April, representing an increase of 12% compared with same period in 2025. Very high growth was in information technology where turnover increased by nearly 176% in data centre activities, specifically information service activities (data processing, hosting, etc.). Significant growth was also in computer programming (15%) and service activities related to information technology (11%). In high and medium-high technology manufacturing turnover decreased by 6% with nearly 16% drop in manufacture of computer, electronic and optical products.
Turnover in the tourism industry was roughly 130 billion ISK which was a decrease of 7% from a year ago. The main reason for the decrease was a 10% contraction in passenger transport by air and 17% lower turnover at travel agencies (where 36% decrease was in services in connection with trips abroad and 10% in services in connection with trips in Iceland). Turnover fell by roughly 7% in renting and leasing of cars and recreational or sports goods. Furthermore, approximately 1% contraction was in food and beverage activities while only 1% growth was in accommodation. However, more growth was in passenger transport by land (14%) and by sea or water (19%).
Turnover in retail trade was significant and grew by nearly 8%. Supermarkets and grocery stores experienced nearly 18% growth while 10% increase was in turnover at pharmacies. However, in both hardware stores and clothing and footwear stores turnover continued to decline by approximately 7%. In wholesale trade turnover increased by roughly 6%. Considerable contraction was in wholesale and retail trade and repair of motor vehicles as turnover fell by 13%, with nearly 21% decrease in sale of motor vehicles.
Turnover in real estate was mostly unchanged, growing by roughly 1% and amounting to 29 billion ISK. Even smaller growth was in construction overall as turnover in construction of buildings fell by roughly 4% while specialised construction and civil engineering grew by 6% and 5%, respectively.
Turnover in the other main export industries, fisheries and metals manufacturing, varied in March and April. In fishing, aquaculture and fish processing turnover increased by nearly 27% with 22% growth in fisheries and 89% in aquaculture. On the other hand, turnover in manufacturing of base metals fell by nearly 12%. Despite significantly higher world price of aluminium the quantity exported decreased by a third and the local currency strengthened moderately.
About the data
Data for turnover according to VAT reports is preliminary. All numbers are in nominal terms unless otherwise specified. Inflation was 5.3% during the period of March-April 2025 to March-April 2026.
Due to undergoing analysis of data for the industry manufacture of basic pharmaceutical products and pharmaceutical preparations it is not possible to release numbers for that industry. Furthermore, data for high and medium high technology manufacturing (and knowledge intensive high technology services) and high and medium-high technology manufacturing along with total numbers (total and total excluding agriculture and forestry) excludes turnover from the pharmaceutical industry. This applies to data going back to 2008.
Revisions: At the time of our last press release for the period January-February 2026 VAT-turnover was estimated to have been 1,096.0 billion ISK (-0.1%). Following a review with more data available the turnover is estimated to have been 1,101.0 billion ISK (+0.3%).
Statistics
The tourism industry
All economic activities