VAT-turnover in fishing and fish production increased by 6.3% in November-December 2019 compared with the same period in 2018. In 2019, the turnover in aquaculture was 106% higher than in 2018.
Decreased turnover in air transport
VAT-turnover in transportation and storage decreased by 7.3% in November-December 2019 compared with the same period 2018. This reduction is mostly due to a decrease in turnover in air transport ( 6.0%).
The building sector slows down
VAT-turnover in the building sector was 3.1% lower in November-December 2019 compared with the same period in 2018.
Less turnover in manufacture of metals
VAT-turnover of basic metals decreased by 16.5% in November-December 2019, compared with the same period in 2018.
|Turnover according to VAT-reports (billion ISK)|
|Nov.-Dec. 2018||Nov.-Dec. 2019||%||2018||2019||%|
|Total excluding the pharmaceutical industry¹||812||806||-0.8||4,542||4,635||2.0|
|Agriculture and forestry²||...||...||...||52||52||-0.6|
|A-031/C-102 Fishing and fish processing||61||64||6.3||345||392||13.7|
|C-24 Manufacture of basic metals||42||35||-16.5||254||234||-7.8|
|C Manufacturing; excluding fish processing,pharmaceutical industry and manufactu||85||85||0.3||430||440||2.3|
|D/E Electricity, gas;water supply; sewerage and waste management||35||35||-0.9||188||192||2.2|
|F/B Construction, mining and quarrying||70||67||-3.1||357||365||2.5|
|G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles||23||21||-7.5||163||146||-10.1|
|G-46171/G-46172/G-46381 Wholesale of fish and fish markets||39||37||-4.7||228||258||13.4|
|G-4671 Wholesale of fuels||19||21||9.1||133||149||11.7|
|G-46 Other wholesale||69||70||1.3||370||395||6.9|
|G-47 Retail trade||92||94||1.4||476||497||4.4|
|H Transportation and storage||67||62||-7.3||494||424||-14.2|
|I Accommodation and food service activities||30||28||-6.7||202||199||-1.6|
|J Information and communication||45||47||3.3||224||235||4.7|
|N-7711 Renting and leasing of cars and light motor vehicles||8||7||-13.6||51||48||-6.4|
|N-79 Travel agencies, tour operator reservation service and related activities||16||14||-12.0||113||113||0.9|
|Foreign enterprises selling e-services to households in Iceland||2||2||-9.9||9||9||8.2|
|Other fields of activity||86||90||4.9||442||459||3.8|
|¹ For the time being, VAT-turnover is published excluding the pharmaceutical industry. Data validation is ongoing.|
|² Many farmers report VAT biannually, in accordance with paragraph 31 of the VAT-laws. Hence, bimonthly data do not reflect the turnover in agriculture.|
Revision of statistics
At the time of our previous press release, in January, the VAT turnover, excluding the pharmaceutical industry, in September to October 2019 was estimated 799.1 billion ISK which was an increase of 1.07% compared with the same period in 2018. At present, more data are available and the VAT turnover in September to October 2019 is estimated 800.2 billion ISK, an increase of 1.21% 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.