Turnover in the business economy, excluding pharmaceuticals, financial and insurance activities, was approximately 3,900 billion ISK in 2016 compared with 3,750 billion ISK in 2015, an increase of 4.2%. Total equity increased by 9% and was 2,650 billion ISK at year end 2016. Equity ratio was 42%, an increase of 2 percentage points from 2015.

The income statement and balance sheet statistics are compiled from corporate tax returns and were compiled from more than 34 thousand tax returns in 2016. These companies have around 118 thousand employees in 441 different industries.

Turnover between years increased most in the categories of employment activities 2.8 billion ISK (180%); aquaculture 4.8 billion ISK (50%); information service activities 3.3 billion ISK (30%) and accommodation 19 billion ISK (30%). Turnover decreased most in the activities of metal manufacturing 53 billion ISK (-22%) and fisheries, 42 billion (-11%).

There has been a significant year-on-year growth in the construction industry. Operating income increased by 28%, from 233 billion in 2015 to 299 billion in 2016. Labour costs increased by 28% and seems to be in line with the increase in operating income. Equity ratio increased by 1 percentage point between years, and is 23%, while equity increases by more than 30%. Earnings before interest and taxes (EBIT) increased by 55%, from 22 billion ISK to 34 billion between years.

Operating income for the fisheries sector decreased between 2015 and 2016. However, operating costs also dropped and financial and extraordinary items were positive. Therefore, net profit increased by 6.5 billion ISK (11%). Long-term liabilities of fisheries companies fell by 6% and equity increased by 18% between years.

Growth in tourism industries continued in 2016. Between 2015 and 2016, operating income increased by 60 billion ISK (12%) and EBIT by 4.6 billion ISK (11%). Equity growth in the tourism industry continued was 118 billion ISK in 2016 and increased by 26 billion ISK (28%) from the year before. The equity ratio in the sector was 27% and has risen steadily since 2009 when it was negative. The number of employees continued to increase (20%), with over 24 thousand employees in 2016. At the same time labour costs increased by 27 billion ISK (26%).

TAble 1. Selected items from operating and financial statements in 2015 and 2016 in billion ISK
  Operating income Equity Earnings before interests and tax (EBIT)
Industry 2015 2016 Change 2015 2016 Change 2015 2016 Change
Total business economy including fisheries and excluding pharmaceuticals, financial and insurance activities 3,750 3,907 4% 2,437 2,652 9% 363 356 -2%
Tourism industries 490 549 12% 92 118 28% 41 45 11%
Wholesale trade, except of motor vehicles and motorcycles 656 649 -1% 115 121 6% 27 32 19%
Retail trade, except of motor vehicles and motorcycles 388 415 7% 98 105 7% 18 20 13%
Fisheries 371 329 -11% 254 299 18% 65 48 -26%
Manufacturing except fish processing 611 579 -5% 565 490 -13% 25 -5 -119%
Manufacture of basic metals 247 194 -22% 326 260 -20% 13 -19 -241%
Electricity,  gas, steam and air conditioning supply 145 143 -1% 593 567 -4% 44 38 -12%
Construction 233 299 28% 62 82 31% 22 34 55%
High and Medium-high technology manufacturing 84 82 -2% 151 139 -8% 6 1 -81%
High technology services 201 216 7% 106 127 20% 12 18 46%
Creative industries 158 172 9% 41 49 19% 11 15 46%
High technology manufacturing and services 285 298 4% 256 266 4% 18 19 5%
Professional, scientific and technical activities 139 147 6% 72 109 52% 15 17 13%

This is only a fraction of the data that is currently being published. To view these and more industries, click on the link below.

Statistics