The total turnover of enterprises in activities that are subject to VAT, excluding the pharmaceutical industry, amounted to 4,443 billion ISK in the twelve month period of September 2017 to August 2018, which is an increase of 8.9% compared with the preceding twelve months. The turnover in July to August 2018 was 811 billion ISK, an increase of 8.8% compared with the same period in 2017.

Turnover according to VAT-reports (billion ISK)
 July-August 2017July-August 2018%Sept. 2016-Aug. 2017Sept. 2017-Aug. 2018%
Total excluding the pharmaceutical industry¹7458118.8 4,0794,4438.9
A-01/A-02 Agriculture and forestry²......51511.3
A-03/C-102 Fishing, aquaculture; fish processing515710.8 30935414.5
C-24 Manufacture of basic metals364420.4 21024316.1
C Manufacturing; excluding fish processing,pharmaceutical industry and man68737.4 4004235.8
D/E Electricity, gas;water supply; sewerage and waste management273011.5 1661818.6
F/B Construction, mining and quarrying58638.4 30734311.7
G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles2929-0.91671691.1
G-46171/G-46172/G-46381 Wholesale of fish and fish markets31335.5 19621510.0
G-4671 Wholesale of fuels252815.1 1171299.5
G-46 Other wholesale57616.5 3423564.2
G-47 Retail trade82842.0 4414706.6
H Transportation and storage9810810.4 43649213.0
I Accommodation and food service activities46471.8 1861954.4
J Information and communication293312.7 19321210.1
L Real estate activities141614.1 79879.9
N-7711 Renting and leasing of cars and light motor vehicles13131.0 50511.5
N-79 Travel agency, tour operator reservation service and related activities293210.7 1051138.0
Other fields of activity516118.0 32435710.4
¹For the time being, VAT-turnover is published excluding the pharmaceutical industry. Data validation is ongoing
²Many farmers report VAT biannually, in accordance with paragraph 31 of the VAT-laws, and have longer reporting deadlines. Reliable data on VAT-turnover during the first half of 2018 in agriculture is not yet available.

Revision of statistics
At the time of our previous press release, in September, the VAT turnover, excluding the pharmaceutical industry, in May to June 2018 was estimated 808.5 billion ISK which was an increase of 6.7% compared with the same period in 2017. At present, more data are available and the VAT turnover in May to June 2018 is estimated 810.4 billion ISK, an increase of 7.0% compared with the same period in 2017.

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.

The tourism industry
All economic activities