The total turnover of enterprises in activities that are subject to VAT, excluding the pharmaceutical industry, amounted to 722 billion ISK in March to April 2019, which is an increase of 3.9% compared with the same period in 2018.
Increased turnover in export industries
VAT-turnover increased in many export industries, e.g. fisheries (15.7%); manufacture of basic metals (13.9%); and wholesale of fish and fish markets (13.0%).
The building sector cools down
VAT-turnover increased by 4.8% in construction.
Drop in the sale of motor vehicles
VAT-turnover in the category “Wholesale and retail trade and repair of motor vehicles and motorcycles” decreased by 9.9% due to a 14% drop in the sale of motor vehicles.
Activities related to tourism
VAT-turnover in international passenger air transport dropped by 26%. During last year, two passenger airlines have gone bankrupt, Primera Air in October 2018 and WOW air in March 2019, which has an impact on the turnover.
VAT-turnover in accommodation remained unchanged (+0.4%) and turnover in food service activities decreased slightly ( 3.3%). There was an 8.0% increase in the VAT-turnover of travel agencies, tour operator reservation service and related activities. The increase for trips abroad and trips in Iceland was 0.7% and 9.8% respectively.
The VAT-turnover in other activities related to tourism decreased: car rentals ( 4.4%); passenger transport on land ( 7.0%); and water passenger transport ( 7.5%).
| Turnover according to VAT-reports (billion ISK) | ||||||
| March-April 2018 | March-April 2019 | % | May 2017-April 2018 | May 2018-April 2019 | % | |
| Total excluding the pharmaceutical industry¹ | 696 | 722 | 3.9 | 4,324 | 4,623 | 6.9 |
| Agricultur and forstry² | 2 | 2 | ... | 51 | 52 | 2.0 |
| A-03/C-102 Fishing, aquaculture; fish processing | 62 | 72 | 15.7 | 344 | 385 | 11.9 |
| C-24 Manufacture of basic metals | 38 | 43 | 13.9 | 228 | 262 | 14.8 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture of basic metals | 65 | 66 | 1.4 | 413 | 435 | 5.2 |
| D/E Electricity, gas;water supply; sewerage and waste management | 30 | 33 | 8.1 | 174 | 192 | 10.2 |
| F/B Construction, mining and quarrying | 51 | 53 | 4.8 | 334 | 364 | 8.8 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 27 | 25 | -9.9 | 175 | 158 | -9.4 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 42 | 48 | 13.0 | 211 | 246 | 16.6 |
| G-4671 Wholesale of fuels | 19 | 20 | 5.8 | 124 | 131 | 5.9 |
| G-46 Other wholesale | 58 | 62 | 7.4 | 353 | 379 | 7.2 |
| G-47 Retail trade | 74 | 76 | 3.2 | 464 | 483 | 4.2 |
| H Transportation and storage | 74 | 63 | -15.0 | 475 | 476 | 0.1 |
| I Accommodation and food service activities | 27 | 27 | -1.7 | 193 | 197 | 2.2 |
| J Information and communication | 36 | 36 | 0.8 | 204 | 227 | 11.2 |
| N-7711 Renting and leasing of cars and light motor vehicles | 7 | 6 | -4.4 | 51 | 51 | -1.2 |
| N-79 Travel agencies, tour operator reservation service and related activities | 14 | 15 | 8.0 | 103 | 115 | 11.5 |
| Foreign enterprices selling e-services to households in Iceland | 1 | 1 | 37.4 | 8 | 9 | 21.6 |
| Other fields of activity | 69 | 75 | 8.0 | 419 | 462 | 10.2 |
| ¹ For the time being, VAT-turnover is pubished excluding the pharmaceutical industry. Data validation is ongoing. | ||||||
| ² Many farmers report VAT biannually, in accordance with paragraph 31 of the VAT-laws. | ||||||
Revision of statistics
At the time of our previous press release, in May, the VAT turnover, excluding the pharmaceutical industry, in January to February 2019 was estimated 673.1 billion ISK which was an increase of 8.5% compared with the same period in 2018. At present, more data are available and the VAT turnover in January to February 2019 is estimated 674.2 billion ISK, an increase of 8.7% compared with the same period in 2018.
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.