The total turnover of enterprises in activities that are subject to VAT, excluding the pharmaceutical industry, amounted to 4,375 billion ISK in the twelve month period of July 2017 to June 2018, which is an increase of 7.7% compared with the preceding twelve months. The turnover in May to June 2018 was 808 billion ISK, an increase of 6.7% compared with the same period in 2017.
| Turnover according to VAT-reports (billion ISK) | ||||||
| May-June 2017 | May-June 2018 | % | July 2016-June 2017 | July 2017-June 2018 | % | |
| Total excluding the pharmaceutical industry¹ | 758 | 808 | 6.7 | 4,064 | 4,375 | 7.7 |
| A-01/A-02 Agriculture and forestry² | .. | .. | .. | 51 | .. | .. |
| A-03/C-102 Fishing, aquaculture; fish processing | 55 | 59 | 8.4 | 315 | 349 | 10.8 |
| C-24 Manufacture of basic metals | 36 | 44 | 22.9 | 206 | 236 | 14.4 |
| C Manufacturing; excluding fish processing, pharmaceutical industry and manufacture of basic metals | 73 | 78 | 5.7 | 398 | 418 | 5.0 |
| D/E Electricity, gas; water supply; sewerage and waste management | 27 | 30 | 12.3 | 164 | 177 | 7.9 |
| F/B Construction, mining and quarrying | 59 | 62 | 6.2 | 303 | 337 | 11.5 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 40 | 35 | -11.7 | 165 | 170 | 2.7 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 33 | 37 | 9.2 | 200 | 213 | 6.7 |
| G-4671 Wholesale of fuels | 22 | 23 | 4.9 | 118 | 125 | 6.2 |
| G-46 Other wholesale | 62 | 64 | 2.0 | 341 | 350 | 2.7 |
| G-47 Retail trade | 78 | 82 | 5.1 | 440 | 471 | 7.1 |
| H Transportation and storage | 81 | 93 | 15.1 | 432 | 482 | 11.5 |
| I Accommodation and food service activities | 34 | 35 | 1.1 | 184 | 193 | 4.7 |
| J Information and communication | 33 | 38 | 13.3 | 193 | 209 | 8.3 |
| L Real estate activities | 13 | 15 | 14.9 | 79 | 85 | 8.7 |
| N-7711 Renting and leasing of cars and light motor vehicles | 11 | 10 | -11.4 | 50 | 51 | 2.5 |
| N-79 Travel agency, tour operator reservation service and related activities | 20 | 21 | 6.6 | 104 | 110 | 5.8 |
| Other fields of activity | 63 | 66 | 4.7 | 323 | 348 | 8.0 |
²Many 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 2018 in agriculture is not yet available.
Revision of statistics
At the time of our previous press release, in July, the VAT turnover, excluding the pharmaceutical industry, in March to April 2018 was estimated 694.1 billion ISK which was an increase of 7.2% compared with the same period in 2017. At present, more data are available and the VAT turnover in March to April 2018 is estimated 695.3 billion ISK, an increase of 7.4% 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.
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