According to the latest VAT-reports, changes in turnover varied greatly between economic activities between May to June 2022 and the same period in 2023. The largest decreases in turnover were seen in the manufacture of basic metals (-24%) and “fishing, aquaculture and fish processing” (-14%). Meanwhile, there were large increases in turnover in accommodation, sale and repair of motor vehicles” (+26%), construction (+24%) and many service activities.

All figures are nominal, i.e. neither corrected for changes in exchange rates nor inflation. The average value of the exchange rate index for the May-June 2023 was 195.9 indicating a 5.9% weaker rate of exchange than during the same period in 2022 when the average exchange rate index was 185.0. During the same period, the consumer price index rose by 6.0%.

Revision of statistics
At the time of our press release on 23 June, 2023, the VAT-turnover in March-April was estimated 1,082.5 billion ISK which was an increase of 8.9% compared with the same period in 2022. At present, more data are available and the turnover is estimated 1,084.2 billion ISK, an increase of 9.0%.

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