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.