Turnover in the business economy1 was approximately 4,600 billion ISK in 2019 compared with 4,500 billion ISK in 2018, an increase of 2.2%. Total equity increased by 9.3% in 2018 and was 3,600 billion ISK.
The main changes between years when looking at the relative increase in turnover are in aquaculture, where turnover increased by almost 50%, wholesale trade by 9.4%, fisheries by 8% and high technology manufacturing and services by 7.8%. Revenue in tourism industries in Iceland decreased by 9.2% from 2018. The biggest difference is a 20% contraction in passenger transport by air. Revenue also decreased in manufacturing of basic metals by 8.2% between years.
Net profit in the business economy was 263 billion ISK in 2019 and decreased by 0.7% from 2018 when it was 265 billion ISK. Profits fell significantly in manufacturing, excluding fish processing and pharmaceutical industry, from 37 billion ISK in 2018 to 6 billion ISK in 2019, or by 85%. This is due to a sharp drop in profits in manufacturing of basic metals, where loss increased by 27 billion ISK between years, from a loss of 3 billion ISK to a loss of 30 billion ISK. Profits increased in wholesale trade by 6 billion ISK, or 29% between years, and in retail trade by 2 billion ISK or 7%. Profits in the fisheries sector increased by 4.6 billion ISK or 10%.
As mentioned above, total equity in the business economy improved and increased by over 300 billion ISK between years. Equity in high technology manufacturing and services increased by over 68 billion ISK (21%) and in the fisheries sector by 46 billion ISK or 13.5%.
Changes in selected variable in larger sectors can be seen in the table below.
| Changes in selected variable in larger sectors - billion ISK. | |||||||||
| Turnover | Net profit | Equity | |||||||
| 2018 | 2019 | Change | 2018 | 2019 | Change | 2018 | 2019 | Change | |
| Total business economy including fisheries and excluding pharmaceuticals, waste collection, financial and insurance activities | 4,483 | 4,583 | 2% | 265 | 263 | -1% | 3,309 | 3,618 | 9% |
| Wholesale trade, except of motor vehicles and motorcycles | 690 | 756 | 9% | 18 | 24 | 29% | 133 | 161 | 21% |
| Manufacturing, except fish processing and pharmaceutical industry | 669 | 658 | -2% | 37 | 6 | -85% | 539 | 594 | 10% |
| Manufacture of basic metals | 249 | 229 | -8% | -3 | -30 | - | 259 | 237 | -9% |
| Tourism industries in Iceland | 691 | 627 | -9% | -6 | 1 | - | 148 | 163 | 11% |
| Retail trade, except of motor vehicles and motorcycles | 465 | 485 | 4% | 18 | 20 | 7% | 131 | 139 | 6% |
| Construction and temporary employment agency activities | 416 | 427 | 2% | 26 | 24 | -5% | 123 | 141 | 15% |
| High technology manufacturing and services | 358 | 386 | 8% | 37 | 30 | -17% | 321 | 389 | 21% |
| Fisheries | 336 | 363 | 8% | 47 | 52 | 10% | 342 | 388 | 13% |
| Professional, scientific and technical activities | 170 | 182 | 7% | 21 | 17 | -20% | 283 | 314 | 11% |
| Electricity, gas, steam and air conditioning supply, water supply, sewerage, waste management and remediation activities | 162 | 171 | 5% | 41 | 46 | 12% | 688 | 746 | 9% |
About the data
The income statement and balance sheet statistics are compiled from corporate tax returns and were compiled from more than 33,500 tax returns in 2019. These companies have around 126 thousand employees. Figures for 2019 are preliminary and will be updated at the next release. The data includes only those enterprises that have submitted a tax return.
1 Business economy, excluding pharmaceuticals, financial and insurance activities.