According to VAT-reports, turnover has changed drastically from early 2020 to early 2022 in many economic activities.
From March 2020, there were many restrictions due to the Covid-19 pandemic and therefore it is relevant to compare turnover in January-February 2022 with the same period in 2020, i.e. before the pandemic. During this period, turnover increased much in most export industries while turnover decreased in many service industries. However, there are indications that some service industries are recovering.
The average exchange rate (trade weighted index) increased by 4.4% from January-February 2020 to the same period in 2022. During the same period, the consumer price index increased by 10.4%.
Revision of statistics
At the time of our press release 23 February 2022, the VAT-turnover excluding the pharmaceutical industry, in November-December 2021 was estimated 1,025.8 billion ISK which was an increase of 30.19% compared with the same period in 2020. At present, more data are available and the turnover is estimated 1,030.1 billion ISK, an increase of 30.75%.
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
All economic activities