According to VAT-reports, turnover increased in July-August 2021 compared with the same period in 2020. In 2020, there were many restrictions due to the Covid-19 pandemic and therefore it is relevant to compare turnover in the autumn of 2021 with turnover in the autumn of 2019, i.e. before the pandemic.
When comparing July-August 2021 with the same period in 2019, VAT-turnover increased most in foreign enterprises liable to VAT in Iceland. There were also large increases in manufacturing of basic metals (mostly aluminium), other manufacturing and retail trade. VAT-turnover decreased in most activities related to tourism. The average exchange rate (trade weighted index) increased by 4% which cannot explain all increases in turnover.
| Turnover according to VAT-reports in March-April (billion ISK) | ||||||
| July-August 2019 | July-August 2020 | July-August 2021 | Change 2019-2020, % | Change 2020-2021, % | Change 2019-2021, % | |
| Total excluding the pharmaceutical industry¹ | 826.2 | 721.1 | 899.0 | -13 | 25 | 9 |
| Agriculture and forestry² | .. | .. | .. | .. | .. | .. |
| A-03/C-102 Fishing, aquaculture and fish processing | 66.6 | 70.9 | 67.1 | 6 | -5 | 1 |
| C-24 Manufacture of basic metals | 37.8 | 33.9 | 57.0 | -10 | 68 | 51 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture of basic metals | 72.1 | 68.9 | 87.2 | -4 | 27 | 21 |
| D/E Electricity, gas;water supply; sewerage and waste management | 29.8 | 31.7 | 36.1 | 6 | 14 | 21 |
| F/B Construction, mining and quarrying | 66.8 | 61.3 | 69.5 | -8 | 14 | 4 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 25.1 | 27.8 | 35.2 | 11 | 27 | 40 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 38.9 | 39.9 | 39.9 | 3 | 0 | 3 |
| G-4671 Wholesale of fuels | 32.1 | 21.5 | 30.3 | -33 | 41 | -5 |
| G-46 Other wholesale | 65.8 | 67.9 | 75.7 | 3 | 11 | 15 |
| G-47 Retail trade | 89.3 | 95.8 | 104.3 | 7 | 9 | 17 |
| H Transportation and storage | 91.0 | 44.9 | 68.6 | -51 | 53 | -25 |
| I55 Accommodation | 28.3 | 10.2 | 21.8 | -64 | 113 | -23 |
| I56 Food and beverage service activities | 20.3 | 15.8 | 21.1 | -22 | 33 | 4 |
| J Information and communication | 37.3 | 38.7 | 45.3 | 4 | 17 | 21 |
| N-7711 Renting and leasing of cars and light motor vehicles | 12.3 | 8.6 | 12.4 | -30 | 45 | 1 |
| N-79 Travel agencies, tour operator reservation service and related activities | 25.4 | 4.3 | 15.2 | -83 | 256 | -40 |
| Foreign enterprises liable to VAT in Iceland | 4.0 | 3.8 | 19.2 | -5 | 400 | 378 |
| Other fields of activity | 80.3 | 72.3 | 89.8 | -10 | 24 | 12 |
| 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 27 August the VAT-turnover excluding the pharmaceutical industry, agriculture and forestry, in May-June 2021 was estimated 834.0 billion ISK which was an increase of 19.4% compared with the same period in 2020. At present, more data are available and the turnover is estimated 830.2 billion ISK, an increase of 22.1%.
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