According to VAT-reports turnover has increased in most economic activities from March-April 2022 to March-April 2023. However, in some economic activities the increase in turnover was not on par with the inflation as the consumer price index rose by 10% in this period.

In the manufacture of basic metals, turnover decreased by 5% from March-April 2022 to the same period in 2023. However, turnover increased much in this activity during 2021 and 2022. There was also a nominal decrease in turnover in fish fish-related activities.

Many service activities, e.g. the tourism industry, are recovering after the Covid-19 pandemic and their turnover in March-April 2023 is considerably higher than in March-April 2022. Activities in production and trade were less affected by the pandemic.

Revision of statistics
At the time of our press release on 25 April, 2023, the VAT-turnover in January-February was estimated 955.4 billion ISK which was an increase of 18.6% compared with the same period in 2022. At present, more data are available and the turnover is estimated 958.0 billion ISK, an increase of 19.0%.

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. Data on turnover should be evaluated in a larger context, taking into account other economic indicators, e.g. trends in external trade, employment and labour costs.

The tourism industry
All economic activities