In the first quarter of 2025, registrations of market enterprises were 921, with a total of 783 new registrations of private limited companies during the period. For comparison purposes, there were 910 registrations of market enterprises in the first quarter of 2024. The most of new registrations were in Construction with a total of 139, which was a 4% increase from the previous year’s first quarter.
There were 286 market enterprises made insolvent in the first quarter of 2025, which is a 20% decrease from the previous year’s first quarter when they were 359. Thereof, 106 were for market enterprises that were active in 2024, i.e. they either had registered employees according to the official PAYE tax registry or turnover according to VAT reports. Despite the fact that the number of insolvencies decreased, the number of insolvencies with prior activity increased by 39% in comparison with the first quarter of 2024.
There were 500 employees in 106 market enterprises that were active in 2024 and made insolvent in the first quarter of 2025. The highest prior employment was in Tourism with a total of 192 and the second highest was in Construction with a total of 154 employees.
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.
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