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.

The tourism industry
All economic activities

Further Information

For further information please contact 528 1260 , email


Use of this press release is free. Please quote the source.