VAT-turnover decreased by 2% in the period January-February compared with the same period in 2020. The highest decreases were in activities related to tourism. Turnover increased in retail (15%) and some export-oriented activities, e.g. fisheries (20%), aquaculture (6%) and manufacture of basic metals (14%). Turnover decreased much in activities related to tourism.
Please note that a release on VAT-turnover on 5 March has been corrected.
| Turnover according to VAT-reports (billion ISK) | ||||||
| Nov.-Dec. 2019 | Nov.-Dec. 2020 | % | March 2019 - Feb. 2020 | March 2020 - Feb. 2021 | % | |
| Total excluding the pharmaceutical industry1 | 650 | 634 | -2 | 4,635 | 4,277 | -8 |
| Agriculture and forestry2 | .. | .. | .. | 54 | 53 | -2 |
| A-03/C-102 Fishing, aquaculture and fish processing | 61 | 72 | 18 | 416 | 436 | 5 |
| C-24 Manufacture of basic metals | 37 | 42 | 14 | 228 | 237 | 4 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture of basic metals | 58 | 61 | 5 | 434 | 442 | 2 |
| D/E Electricity, gas;water supply; sewerage and waste management | 32 | 33 | 2 | 193 | 201 | 4 |
| F/B Construction, mining and quarrying | 44 | 45 | 0 | 365 | 346 | -5 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 19 | 21 | 8 | 144 | 146 | 1 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 39 | 40 | 2 | 255 | 252 | -1 |
| G-4671 Wholesale of fuels | 19 | 16 | -16 | 148 | 103 | -30 |
| G-46 Other wholesale | 55 | 62 | 13 | 378 | 411 | 9 |
| G-47 Retail trade | 72 | 83 | 15 | 499 | 555 | 11 |
| H Transportation and storage | 53 | 34 | -37 | 422 | 237 | -44 |
| I55 Accommodation | 11 | 2 | -78 | 99 | 27 | -73 |
| I56 Food and beverage service activities | 14 | 10 | -25 | 100 | 68 | -33 |
| J Information and communication | 41 | 39 | -4 | 252 | 263 | 4 |
| N-7711 Renting and leasing of cars and light motor vehicles | 5 | 3 | -41 | 48 | 29 | -39 |
| N-79 Travel agencies, tour operator reservation service and related activities | 10 | 1 | -91 | 95 | 11 | -88 |
| Other fields of activity | 77 | 69 | -11 | 504 | 462 | -8 |
| 1 For the time being, VAT-turnover is published excluding the pharmaceutical industry. Data validation is ongoing. | ||||||
| 2 Many farmers report VAT biannually, in accordance with paragraph 31 of the VAT-laws. Hence, bimonthly data do not reflect the turnover in agriculture. | ||||||
Revision of statistics
At the time of our press release 5 March, the VAT-turnover, excluding the pharmaceutical industry and agriculture/forestry, in November to December 2020 was estimated 775.5 billion ISK which was a decrease of 1.6% compared with the same period in 2019. At present, more data are available and the turnover is estimated 781.1 billion ISK, a decrease of 0.9%.
Other statistics on business economy
Statistics Iceland publishes annual income and balance statements of enterprises by activity, based on tax returns, providing a detailed picture of the individual sectors.
Statistics
The tourism industry
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