Please note that this press release was corrected 27 April 2021.
VAT-turnover decreased by 2% in the period November-December 2020 compared with the same period in 2019. The highest decreases were in activities related to tourism.
Decreased turnover in activities related to tourism
Turnover decreased in activities related to tourism, e.g. travel agencies, passenger air transport, accommodation, restaurants and the sale of fuel.
Increased turnover in most types of retail
Turnover increased in manufacturing and was similar to the turnover two years earlier. Turnover increased in many categories of wholesale and in most types of retail and the turnover in supermarkets and convenience stores increased by 15%. Some of the activities with increased turnover are related to export and it should be borne in mind that the average exchange rate, as measured by the trade weighted index, increased by 13% from November-December 2019 to November-December 2020.
| Turnover according to VAT-reports (billion ISK) | ||||||
| Nov.-Dec. 2019 | Nov.-Dec. 2020 | % | 2019 | 2020 | % | |
| Total excluding the pharmaceutical industry, agriculture and forestry1 2 | 788 | 775 | -2 | 4.611 | 4.235 | -8 |
| Agriculture and forestry2 | .. | .. | .. | .. | .. | .. |
| A-03/C-102 Fishing, aquaculture and fish processing | 71 | 72 | 2 | 424 | 424 | 0 |
| C-24 Manufacture of basic metals | 35 | 42 | 20 | 234 | 232 | -1 |
| C Manufacturing; excluding fish processing, pharmaceutical industry and manufacture of basic metals | 79 | 90 | 13 | 438 | 442 | 1 |
| D/E Electricity, gas; water supply; sewerage and waste management | 36 | 36 | 0 | 193 | 200 | 4 |
| F/B Construction, mining and quarrying | 69 | 68 | -1 | 369 | 345 | -7 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 21 | 25 | 15 | 147 | 147 | 0 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 38 | 40 | 5 | 260 | 250 | -4 |
| G-4671 Wholesale of fuels | 20 | 15 | -25 | 149 | 106 | -29 |
| G-46 Other wholesale | 67 | 79 | 17 | 379 | 404 | 7 |
| G-47 Retail trade | 94 | 110 | 17 | 496 | 544 | 10 |
| H Transportation and storage | 62 | 40 | -36 | 427 | 256 | -40 |
| I55 Accommodation | 12 | 3 | -76 | 99 | 35 | -64 |
| I56 Food and beverage service activities | 17 | 10 | -40 | 100 | 71 | -29 |
| J Information and communication | 51 | 51 | 0 | 249 | 261 | 5 |
| N-7711 Renting and leasing of cars and light motor vehicles | 7 | 4 | -46 | 49 | 31 | -36 |
| N-79 Travel agencies, tour operator reservation service and related activities | 12 | 1 | -91 | 97 | 21 | -79 |
| Other fields of activity | 98 | 91 | -7 | 500 | 468 | -6 |
| 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, and have longer reporting deadlines. Reliable data on VAT-turnover during the second half of 2020 in agriculture are not yet available. | ||||||
Revision of statistics
At the time of our press release 8 January, the VAT turnover, excluding the pharmaceutical industry, in November to December 2020 was estimated 760.89 billion ISK which was a decrease of 5.19% compared with the same period in 2019. At present, more data are available and the VAT turnover in November to December 2020 is estimated 761.67 billion ISK, a decrease of 5.10% compared with the same period in 2019.
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