NEWS RELEASE ENTERPRISES 06 SEPTEMBER 2019

Activities related to tourism
VAT-turnover in international passenger air transport was 29% lower in the period May-June 2019 than in the same period 2018. 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 (+0.1%) as did turnover in food service activities ( 0.2%). Turnover in car rentals increased slightly (+2.0%). There was a 0.1% decrease in the VAT-turnover of travel agencies, tour operator reservation service and related activities. The change in turnover for trips abroad and trips in Iceland was 10.7% and 2.0% respectively.

Increased turnover in fisheries
VAT-turnover increased in many export industries, e.g. fisheries (11.4%); and wholesale of fish and fish markets (13.6%).

The building sector cools down
VAT-turnover increased by 0.8% in construction.

Turnover according to VAT-reports (billion ISK)
  May-June 2018 May-June 2019 % July 2017-June 2018 July 2018-June 2019 %
Total excluding the pharmaceutical industry¹ 812 803 -1.1 4,379 4,616 5.4
Agricultur and forstry² ... ... ... 51 ... ...
A-03/C-102 Fishing, aquaculture; fish processing 59 66 11.4 349 391 12.1
C-24 Manufacture of basic metals 44 39 -11.4 236 256 8.7
C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture of basic metals 77 73 -5.7 417 431 3.3
D/E Electricity, gas;water supply; sewerage and waste management 30 32 6.2 177 194 9.2
F/B Construction, mining and quarrying 63 63 0.8 338 364 7.6
G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles 35 30 -15.1 170 153 -10.0
G-46171/G-46172/G-46381 Wholesale of fish and fish markets 37 42 13.6 214 251 17.0
G-4671 Wholesale of fuels 23 24 1.7 125 131 5.3
G-46 Other wholesale 65 68 4.3 355 382 7.5
G-47 Retail trade 82 85 4.1 468 486 3.9
H Transportation and storage 95 76 -19.5 488 458 -6.1
I Accommodation and food service activities 35 35 0.0 194 197 1.9
J Information and communication 38 40 3.8 209 230 9.7
N-7711 Renting and leasing of cars and light motor vehicles 10 10 2.0 50 51 1.7
N-79 Travel agencies, tour operator reservation service and related activities 20 20 -0.1 105 115 9.5
Foreign enterprices selling e-services to households in Iceland 2 2 3.6 8 9 15.5
Other fields of activity 79 81 3.4 424 465 9.8

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, and have longer reporting deadlines. Reliable data on VAT-turnover during the first half of 2019 in agriculture is not yet available.

Revision of statistics
At the time of our previous press release, in July, the VAT turnover, excluding the pharmaceutical industry, in March to April 2019 was estimated 722.1 billion ISK which was an increase of 3.9% compared with the same period in 2018. At present, more data are available and the VAT turnover in March to April 2019 is estimated 724.9 billion ISK, an increase of 4.2% 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.

Statistics
The tourism industry
All economic activities

Further Information

For further information please contact 528 1100 , email upplysingar@hagstofa.is

Share


Use of this press release is free. Please quote the source.