Turnover in activities related to tourism was 139 billion ISK in the period May-June 2022, which is on par with the turnover prior to the Covid-19 pandemic. According to VAT-reports, the turnover was 19% higher in May-June 2022 than in the same period 2019 but the consumer price index (CPI) increased by 16% during this period. There are large variations in trends within activities related to tourism, with turnover increasing by 33% in food and beverage service activities and by 7% in passenger air transport.
The turnover in wholesale of fuels was more than twice as high in May-June 2022 than in the same period 2021, a consequence of higher prices and increased consumption. During this period the fuel sub-index of the CPI increased by 37% and the consumption increased partly due to more tourists and more international flights than in 2021.
Other economic activities with high increases in turnover are the manufacture of basic metals and the sale and repair of motor vehicles and motorcycles.
Revision of statistics
At the time of our press release on 15 June 2022, the VAT-turnover excluding the pharmaceutical industry, in March-April 2022 was estimated 987.2 billion ISK which was an increase of 27.17% compared with the same period in 2021. At present, more data are available and the turnover is estimated 995.0 billion ISK, an increase of 28.10%.
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.