During the growth period between 2015-2018, there were 752 high growth enterprises measured in paid employment. In 2018, there were over 30 thousand persons employed with combined turnover of 938 billion ISK in high growth enterprises. There were 129 gazelles enterprises, or over 17% of all high growth enterprises, with over 2,500 persons employed and 63 billion ISK in combined turnover in 2018.
Enterprises, with 1-9 employees in the beginning of growth period, are defined as high growth enterprises when an increase in paid employment is 3.31 employees or greater over a three-year period. Enterprises, with 10 or more employees in the beginning of growth period, are defined as high growth enterprises when average annualised growth in paid employment is greater than 10% per annum over a three-year period. Enterprise growth includes both organic and acquisition growth.
By the end of 2018, the highest number of high growth enterprises was in construction related industries, or 179 enterprises. In previous years, the highest numbers of high growth enterprises were in tourism industries. However, it has decreased significantly between years, from 220 in 2017 to 158 in 2018, or by 39%. This decrease can mainly be explained by decline in the number of enterprises with 10 or more persons employed, from 101 in 2017 to 64 in 2018.
Regardless of the fact that most high growth enterprises were in construction related industries, the highest number of persons employed was in tourism high growth enterprises with almost 10,700 persons employed in 2018. High growth enterprises in wholesale and retail trade had 5,100 persons employed, and construction high growth enterprises 3,900 persons employed. However, the highest compound annual growth rate was in construction related industries, or 28% during 2015-2018 growth period.
In high growth enterprises, the highest combined turnover was in tourism industries, or 299 billion ISK. However, turnover compound annual growth rate was 16% by the end of 2018 in comparison to 18% in 2017. The highest turnover compound annual growth rate was in construction related industries, or almost 33% during 2015-2018 growth period.
Methods
Enterprise growth is measured in turnover, as well. See further under Statistics.
Business Demography Statistics are based on Eurostat and OECD harmonized methodologies. Therefore, they are comparable to statistics in other European countries. The statistics are based on tax returns of enterprises and individuals. It covers the private sector except agriculture, financial and insurance services. Public administration, health and social services, educational activities, cultural, sporting and recreational activities, as well as NGO activities, are excluded.
Amounts are at current prices.
1Manufacture of chemicals and chemical products; Manufacture of weapons and ammunition; Manufacture
of computer, electronic and optical products; Manufacture of electrical equipment; Manufacture of machinery and equipment n.e.c.; Manufacture of motor vehicles, trailers and semi-trailers; Manufacture of other transport equipment; Manufacture of medical and dental instruments and supplies; Postal and courier activities; Publishing activities; Programming and broadcasting activities; Telecommunications; Computer programming, consultancy and related activities; Information service activities; Scientific research and development.
2Transport (total); Accommodation, food and beverages; Leiga á vélknúnum ökutækjum; Renting and
leasing of motor vehicles, recreational and sports goods; Travel agency, tour operator and other reservation service and related activities.