According to VAT-reports turnover has increased in most economic activities from November-December 2021 to November-December 2022. In the manufacture of basic metals, turnover decreased by 14% from November-December 2021 to the same period in 2022. In spite of that, the turnover was 33% higher in 2022 than in 2021.
The turnaround in tourism activities continues. The turnover of travel agencies, tour operators reservation services and related activities increased by 61% from November-December 2021 to the same period in 2022, and the turnover was 159% higher in the year 2022 than in 2021. During the Covid-19 pandemic there turnover in these activities was negligible, and the turnover in 2022 was 22% higher than in 2019 which is the last year before the pandemic.
Revision of statistics
At the time of our press release on 15 December 2022, the VAT-turnover excluding the pharmaceutical industry, in September-October 2022 was estimated 1,107.5 billion ISK which was an increase of 18.0% compared with the same period in 2021. At present, more data are available and the turnover is estimated 1,113.2 billion ISK, an increase of 18.6%.
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.