According to VAT-reports, turnover increased in 2021 compared with 2020 in most economic activities. In 2020, there were many restrictions due to the Covid-19 pandemic and therefore it is relevant to compare turnover in 2021 with turnover in 2019, i.e. before the pandemic.
When comparing 2021 with 2019, VAT-turnover increased in all activities in production. There was also an increase in turnover in wholesale and retail trade, with the exception of wholesale of fuels. VAT-turnover decreased much, however, in many service activities, e.g. in travel agencies and accommodation. The average exchange rate (trade weighted index) increased by 8.4% from 2019 to 2021. During the same period, the consumer price index increased by 7.4%.
Revision of statistics
At the time of our press release 20 December 2021 the VAT-turnover excluding the pharmaceutical industry, in September-October 2021 was estimated 936.3 billion ISK which was an increase of 22.95% compared with the same period in 2020. At present, more data are available and the turnover is estimated 937.4 billion ISK, an increase of 23.09%.
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