Experimental statistics
Price and volume measures of inbound tourism expenditure - tt
Price and volume measures of inbound tourism expenditure
Summary
These experimental statistics include data on a volume measure for inbound tourism expenditure in Iceland. The data supplements the results of Statistics Iceland‘s Tourism Satellite Accounts (TSAs) which are published annually. The data provides insight into the evolution of volume and prices within the tourism industry in Iceland and can, for instance, be used to infer the share of individual industries in the volume and price changes of the entire tourism industry.
Description
The data builds on the results of TSAs for Iceland as well as relying on data on the prices of various consumption goods as given by the consumer price index. Provided are a chained volume measure for inbound tourism expenditure in Iceland as well as constant price measures of expenditures in individual industries. The industry classification that is used is the same as that of the TSAs. Also provided is the implicit deflator of inbound tourism expenditure in Iceland, which gives an estimate of the general price movements within the tourism industry. Furthermore, the share of individual industries in the price and volume changes of the entire tourism industry are provided.
Objectives
Objectives The goal with this publication is to shed further light on the economic development of the tourism industry. The data provides a measure of the real evolution of the industry as well as a measure of the evolution of prices within the industry. As such, the data could form the grounds for an informed discussion on the state and evolution of the tourism industry in Iceland.
Price and volume measures of inbound tourism expenditure
Updated: 27 September 2024
Statistics Iceland publishes price and volume measures for inbound tourism expenditure in Iceland for the period 2009-2023. The chained volume measure for inbound tourism expenditure has typically grown in line with expenditures in current prices. In recent years, however, the chained volume measure has grown significantly slower than current price expenditures.
This deviation is explained by rapidly increasing prices in the tourism industry following the Covid-19 pandemic, as is readily seen in the implicit deflator of inbound tourism expenditure in Iceland. The implicit deflator increased by approximately 20% between 2019 and 2023, which is similar to the increase observed between 2009 and 2012. However, between 2012 and 2019 the implicit deflator remained stable.
In recent years accommodation services have caused the most growth in the chained volume measure of inbound tourism expenditure, the year 2020 being the exception, with accommodation services causing most of the decrease in the chained volume measure that year. Furthermore, air passenger transportation, travel agencies, and F&B serving services have had a substantial impact on the chained volume measure. For instance, in 2023 the four aforementioned industries were responsible for around 72% of the growth in the chained volume measure of inbound tourism expenditure.
Looking to the implicit deflator, most of the recent increase has come from air passenger transportation, accommodation services, other consumption products, and travel agencies.
Statistics
Price and volume measures of inbound tourism expenditure 240927 (xlsx)
Metadata
For further information please contact+354 528 1100. E-mail: thjodhagsreikningar@hagstofa.is