Taxable wages increased by 3.3% between February and March 2022. The greatest increase was in tourism-related sectors, by 11.4% in Air transport (H:51), 10.0% in Accommodation (I:55) and 8.8% in Travel agency, tour operator and other reservation service and related activities (N:79). Between March and April 2022, the increase in taxable wages was 1.3%, the greatest increase still being in travel-related sectors such as Accommodation (I:55) and Food and beverage service activities (I:56).
The proportional weight of economic activities varies considerably from region to region. In most parts of the country, the wage sum is greatest in Public admin., Education, Human health and social work activities (O-Q), although Manufacturing (C) has the highest proportional weight within the East region.
Other patterns to be expected are the high proportional weight of total taxable wages in Transport and storage (H) in the Southwest compared to other parts of the country, and the high proportional weight of Information and communication, financial activities and other specialized activities (J-M) in the Capital Region. The weight of taxable wages in Accommodation and food service activities (I) as part of the total wage sum within each region is comparable across the country, although a slightly larger proportion can be observed in the South than in other parts of the country.
Taxable wages become part of regular statistics
Statistics on taxable payments to individuals, which have so far been publishes in the sub-category of experimental statistics, have now been included in Statistics Iceland‘s regular statistics under the category Wages and Income. A subset covering taxable wages, number of employers and employees is also accessible under the category of Enterprises/Labour cost.
Furthermore, this publication now entails increased break-down and detail in the data. Municipality is based on each individuals’ legal residence according to population data from Statistics Iceland and is now based on the municipal structure of 1st of January last year.
Monthly short-term indicators
The timeliest information in the present publication regards March and April. Information for May and June 2022 will be published in August. From then on, the statistics will be published with one month delay around 40 days after the end of each reference month.
The statistics for all taxable payments is published from January 2005 and from January 2008 for taxable wages by economic activity. The figures are preliminary and may change due do, among other things, late payments by employees. This is especially true for them most recent data.
About taxable payments
Statistics on taxable payments can be divided into two parts. Firstly, taxable wages (wage sum), number of employees and number of employers by economic activity and residence. Secondly, all taxable payments (total sum) which in addition to taxable wages, includes other taxable payments, such as maternity leave and pension payments.
Taxable payments are divided into seven categories, employee payments, childbirth leave, unemployment benefits, pension fund payments, payments from Social Insurance Administration, municipalities social benefits and other non-wage payments. Background variables such as gender, age, residence, and immigrant status have also been added.