According to VAT-reports, turnover has changed drastically from early 2019 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 March-April 2022 with the same period in 2019, i.e. before the pandemic. During this period, turnover increased much in most export industries. The largest increases were seen in the manufacturing of basic metals and in wholesale of fuels. During this period, the world market price of aluminium and fuel soared.
The average exchange rate (trade weighted index) increased by 6% from March-April 2019 to the same period in 2022. During the same period, the consumer price index increased by 14%.
Revision of statistics
At the time of our press release 25 April 2022, the VAT-turnover excluding the pharmaceutical industry, in January-February 2022 was estimated 797.4 billion ISK which was an increase of 25.28% compared with the same period in 2021. At present, more data are available and the turnover is estimated 799.5 billion ISK, an increase of 25.61%.
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