The total turnover of enterprises in activities that are subject to VAT, excluding travel agencies and land passenger transport, amounted to 669 billion ISK in the period of September to October 2016, which is an increase of 4% compared to the same period in 2015. The turnover was 5% higher in the period November 2015 to October 2016 compared with the previous 12 months. Travel agencies and land passenger transport were not subject to VAT before 2016, and thus comparing turnover including these activities in 2016 with turnover excluding these activities prior to 2016 would be misleading.
The total turnover of enterprises in activities that are subject to VAT amounted to 688 billion ISK in the period of September to October 2016.
| Turnover | ||||||
| Sept.-Oct. 2015 | Sept.-Oct. 2016 | % | Nov. 2014-Oct. 2015 | Nov. 2015-Oct. 2016 | % | |
| Total | 644,299 | 687,724 | 7% | 3,777,036 | 4,074,344 | 8% |
| Total excluding travel agencies and land passenger transport¹ | 642,996 | 668,795 | 4% | 3,769,239 | 3,973,494 | 5% |
| 01/02 Agriculture and forestry² | 2,536 | 2,664 | 46,134 | 50,846 | 10% | |
| 03/10.2 Fishing, aquaculture; fish processing | 64,709 | 64,012 | -1% | 388,936 | 364,546 | -6% |
| C Manufacturing excluding 10.2, fish processing | 114,867 | 109,118 | -5% | 712,014 | 666,664 | -6% |
| D/E Electricity, gas; water supply; sewerage and waste management | 28,286 | 26,747 | -5% | 171,343 | 161,363 | -6% |
| F/B Construction, mining and quarrying | 39,519 | 48,264 | 22% | 192,770 | 258,635 | 34% |
| G Wholesale and retail trade; repair of motor vehicles and motorcycles | 205,440 | 212,761 | 4% | 1,205,667 | 1,266,606 | 5% |
| H Transportation and storage¹ | 66,999 | 72,460 | 8% | 366,268 | 428,542 | 17% |
| I Accommodation and food service activities | 22,835 | 29,733 | 30% | 132,078 | 163,025 | 23% |
| J Information and communication | 30,931 | 32,653 | 6% | 175,162 | 193,128 | 10% |
| L Real estate activities | 11,584 | 12,660 | 9% | 64,317 | 75,522 | 17% |
| M Professional, scientific and technical activities | 27,039 | 29,088 | 8% | 141,197 | 156,137 | 11% |
| N Adminstrative and support service activities¹ | 16,262 | 33,403 | 105% | 91,954 | 182,856 | 99% |
| Other fields of activity | 13,294 | 14,159 | 7% | 89,195 | 106,473 | 19% |
| ¹Since the beginning 2016, some economic activities are no longer exempt from VAT, e.g. travel agencies (section N) and certain types of passenger transportation (section H). | ||||||
| ²Most farmers report VAT every 6 months. Hence data in two-month buckets are not a good indicator of changes in agriculture. | ||||||
At the time of our previous press release, in November, the VAT turnover in July to August 2016 was estimated 749.3 billion ISK which was an increase of 12.9% compared to the same period in 2015. At present, more data are available and the VAT turnover in July to August 2016 is estimated 751.2 billion ISK which is an increase of 13.2% compared to the same period in 2015.
Since the beginning of 2016, some economic activities are no longer exempt from VAT, e.g. travel agencies (in section N) and certain types of passenger transportation (in section H). The increased turnover in these sections is partly due to these changes. However, there is also a real increase in turnover for these activities.
Another change at the beginning of 2016 was that alcoholic beverages were moved from the higher VAT-step to the lower, coinciding with an increase in the excise tax on alcohol. The VAT-turnover is published net of VAT and therefore the transition from one VAT-step to another does not affect the figures. However, the excise tax is included in “VAT-turnover net of VAT” so the excise tax increase leads to an increase in the VAT-turnover of alcoholic beverages. The higher excise tax therefore leads to an increase in the categories “wholesale and retail trade” and “Accommodation and food services”.
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. The latest income statement and balance sheet.