Turnover in the business economy was approximately 4,400 billion ISK in 2018 compared with 4,140 billion ISK in 2017, an increase of 6.2%. Total equity increased by 10.5% in 2018 and was 3,300 billion ISK.
The main changes between years when looking at the relative increase in turnover are in fisheries, where total revenue increased by 44 billion ISK (15%), High and Medium-high technology manufacturing increased by 13 billion ISK (14%) and Manufacture of basic metals increased by29 billion ISK (13%). Total income of the tourism industries increased by 31 billion ISK (5%).
Total equity in the business economy improved between years, as stated earlier. Equity in Wholesale trade increased by 24 billion ISK between years (20%), Medium-high technology manufacturing increased by 28 billion ISK (20%) and Retail trade increased by 28 billion (16%). Equity in tourism industries fell by ISK 13 billion ISK during the year (-11%), which is largely attributable to a decline in equity in air transport companies.
Labour costs increased during the year, amounting to an increase of 61 billion ISK (11%) in the business economy. Looking at individual industries, labour costs increased by 15% in Medium-high technology manufacturing, 12% in the tourism industry and 11% in the fisheries sector.
|Selected items from operating and financial statements in 2017 and 2018 in billion ISK|
|Turnover||Total equity||Labour cost|
|Total business economy including fisheries and excluding pharmaceuticals, waste collection, financial and insurance activities||4,141||4,398||6%||2,957||3,290||11%||902||963||7%|
|Wholesale trade, except of motor vehicles and motorcycles||637||690||8%||117||141||20%||65||71||9%|
|Retail trade, except of motor vehicles and motorcycles||432||460||6%||113||131||16%||66||69||6%|
|Manufacturing, except fish processing and pharmaceutical industry||619||662||7%||477||538||13%||128||135||6%|
|- Manufacture of basic metals||220||249||13%||227||259||14%||20||21||6%|
|Electricity,gas, steam and air conditioning supply||149||162||9%||594||688||16%||21||22||4%|
|High and Medium-high technology manufacturing||90||103||14%||140||169||20%||25||29||15%|
|Information and communication||215||226||5%||118||132||12%||72||73||1%|
|Professional, scientific and technical activities||160||166||4%||254||278||9%||76||79||4%|
Current prices. *Tourism industries include estimated figures for air transport.
The income statement and balance sheet statistics are compiled from corporate tax returns and were compiled from more than 31 thousand tax returns in 2018. These companies have around 122 thousand employees. Figures for 2018 are preliminary and will be updated at the next release. In order to get the most accurate picture in the industry, it was necessary to estimate figures for two enterprises in air transportation. In other respects, the data includes only those enterprises that have submitted a tax return.
1Business economy, excluding pharmaceuticals, financial and insurance activities.