Turnover increased modestly in most industries in September and October of 2025 compared with the same months in 2024. Nonetheless, growth in the majority of the largest industries was only at or barely exceeding the period’s inflation (4.2%). Still, turnover increased most in the technology sector, specifically information technology, where growth in data centres was dominant. Little changes occurred in the tourism industry and contraction was in fisheries and manufacturing of base metals.
Turnover in the technology sector (excl. pharmaceutical production) amounted to nearly 140 billion ISK and increased by 28% during the period of September to October 2025. Considerable growth was in information technology where the greatest proportional increase was in information service activities (data processing, hosting, etc.) or nearly 262%, which was primarily due to growth in activities relating to data centres. In manufacture of computer, electronic and optical products there was also 39% increase in turnover. Turnover in service activities related to information technology increased by nearly 16% and in computer programming there was roughly 12% growth.
Turnover in the tourism industry increased by only 3% as the greatest growth was in physical well-being activities (15%) and passenger transport by sea (19%). In other areas of the tourism industry there was little growth. For example, turnover increased by only 3% at travel agencies, 2% in food and beverage activities and 7% in renting and leasing of motor vehicles. In accommodation there was no growth as the number of hotel overnight stays started to decrease in October.
Turnover growth in wholesale and retail trade was generally in line with inflation. In wholesale trade there was nearly 5% growth as wholesale trade of fuel fell by 15%. Turnover in retail trade also increased by 5% with approximately 10% growth occurring in supermarkets and grocery stores and nearly 34% increased turnover at pharmacies. Contraction was, however, in hardware stores (-5%) and clothing and footwear stores (-2%). Considerably more growth was in wholesale and retail trade and repair of motor vehicles as turnover increased by 11%, with nearly 14% growth in sale of motor vehicles.
Turnover in real estate amounted to nearly 32 billion ISK in September and October which was around 8% increase year over year. The growth was primarily due to increased rent revenue from commercial real estate. In the construction industry turnover growth was significantly lower or just under 4% with turnover amounting to 128 billion ISK. Thereof, turnover remained unchanged in construction of buildings but increased by 7% in specialised construction activities and 13% in civil engineering.
Turnover in the main export industries, fisheries and metals manufacturing, decreased in September and October. In manufacturing of base metals there was roughly 9% contraction as strength in the local currency weighed against higher market prices and increased quantity exported. In fishing, aquaculture and fish processing turnover fell by 3% as fisheries declined by 2% and aquaculture by 11%.
About the data
Data for turnover according to VAT reports is preliminary. All numbers are in nominal terms unless otherwise specified. Inflation was 4.2% during the period of September-October 2024 to September-October 2025.
Due to ongoing analysis of data for the industry manufacture of basic pharmaceutical products and pharmaceutical preparations it is not possible to release numbers for that industry and the industry group high and medium-high technology manufacturing. Furthermore, data for high and medium high technology manufacturing (and knowledge intensive high technology services) 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 July-August 2025 VAT-turnover was estimated to have been 1,287.7 billion ISK (+2.4%). Following a review with more data available the turnover is estimated to have been 1,293.5 billion ISK (+2.4%).
Statistics
The tourism industry
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