In 2024, registrations of market enterprises were 3,376, with a total of 2,913 new registrations of private limited companies during the year. The most of new registrations were in Construction with a total of 537, which was a 13% decrease from the previous year. Overall, the new registration of market enterprises decreased by 4% from 2023.
There were 851 market enterprises made insolvent in 2024, which is a 30% decrease from 2023 when they were 1,220. Thereof, 339 were for market enterprises that were active in 2023, i.e. they either had registered employees according to the official PAYE tax registry or turnover according to VAT reports. This is a 9% decrease from 2023.
There were 1,973 employees in 339 market enterprises that were active in 2023 and made insolvent in 2024. There was insignificant change in prior employment of insolvent enterprises in comparison with 2023. The highest prior employment was in Construction with a total of 733 employees and the second highest was in Tourism with a total of 638.
About the data
The data on new registrations and insolvencies is collected according to the ISAT2008 industry classification system for business sections and special aggregates defined by Statistics Iceland. The number of insolvencies for the latest month are temporary estimates and are subject to change with increased information on insolvency registrations from judicial authorities.