Turnover increased in most of the main industries in Iceland in May and June of 2026 compared with the same months in 2025. Turnover increased most in information technology (with significant growth in data centres), fisheries and manufacture of base metals. On the other hand, there was considerable contraction in vehicle sales and tourism. Turnover growth exceeded inflation in around one half of all industries as inflation for the period was 5.2%.
Turnover in the export industries fisheries and metals manufacturing increased significantly in May and June. In fishing, aquaculture and fish processing turnover increased by approximately 25% or from 87 billion ISK to 109 billion. Thereof, nearly 29% growth was in fisheries and 3% in aquaculture. In manufacturing of base metals turnover also grew by 22% as the world price of aluminium rose considerably in the first half of 2026 while quantity exported decreased and the local currency strengthened only slightly.
Turnover in the technology sector (excl. pharmaceutical production) amounted to 109 billion ISK and increased by 8%. Very high growth was in information technology where the greatest proportional increase was in information service activities (data processing, hosting, etc.) or nearly 122%. Significant growth was also in computer programming (13%) and service activities related to information technology (13%). In high and medium-high technology manufacturing turnover grew by 5% with 9% increase in manufacture of computer, electronic and optical products.
Turnover in the tourism industry contracted by roughly 3% to total 183 billion ISK. The main reason for the decrease was a 5% contraction in passenger transport by air (primarily caused by the 2025 bankruptcy of the airline Play) and 13% lower turnover at travel agencies. Turnover in leasing of cars and recreational or sporting goods also decreased by 9%. Little growth was in other areas of the tourism industry. Nearly 4% growth was accommodation, 1% in food and beverage activities, 6% in wellness centres and 2% in passenger transport by land. However, approximately 13% growth was in passenger transport by sea or water (primarily whale watching activities).
Turnover in wholesale trade was 226 billion ISK and increased considerably by roughly 13%. Thereof, wholesale of fuel was 21% higher than a year ago. Significant growth was also in wholesale trade of fish and related products. Furthermore, the construction of Iceland’s first major wind farm in Búrfell impacted the wholesale trade markedly as import and selling of equipment (turbines, etc.) caused turnover to rise. In retail trade, supermarkets and grocery stores experienced nearly 17% growth while 8% increase was in turnover at pharmacies. However, in both hardware stores and clothing and footwear stores turnover declined by approximately 5% and 1%, respectively. Overall, turnover in retail increased by 7%. Lastly, in wholesale and retail trade and repair of motor vehicles turnover fell by 10% with 14% decrease in sale of motor vehicles.
Turnover in construction increased by 4%, which was largely due to 8% growth in specialised construction and 20% growth in civil engineering. Construction of buildings was mostly unchanged year to year. In real estate turnover increased by 8%, which was primarily due to commercial real estate.
About the data
Data for turnover according to VAT reports is preliminary. All numbers are in nominal terms unless otherwise specified. Inflation was 5.2% during the period of May-June 2025 to May-June 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.
This publication for May-June 2026 does not include numbers for agriculture during this period, specifically “Crop and animal production, hunting and related service activities” and “Forestry and logging” since data from farmers is generally reported biannually (and included in turnover for May-June and November-December) and filing deadlines happen later than in other industries. Consequently, data for the sum category “Total” is also not included for May-June 2026 until all numbers have been reported. However, data is published for “Total excluding agriculture and forestry”.
Revisions: At the time of our last press release for the period March-April 2026 VAT-turnover was estimated to have been 1,268.7 billion ISK (+8.9%). Following a review with more data available the turnover is estimated to have been 1,270.8 billion ISK (+9.1%).
Statistics
The tourism industry
All economic activities