VAT-turnover decreased by 5% in the period September-October 2020 compared with the same period in 2019. The highest decreases were in activities related to tourism.

In some sectors VAT-turnover was higher in September to October 2020 as compared with the same period in 2019. Turnover increased by 13% in retail trade and the increase has been steady throughout last year. The turnover in sale and repair of motor vehicles and motorcycles also increased by 13% in September to October 2020, but in that sector the turnover was lower in the latest 12-month period compared with the previous 12 months. Other sectors where turnover increased are export-oriented and the exchange rate of foreign currencies increased on average by 15% in this period.

Turnover according to VAT-reports (billion ISK)
  Sept.-Oct. 2019 Sept.-Oct. 2020 % Nov. 2018 - Oct. 2019 Nov. 2019 - Oct. 2020 %
Total excluding the pharmaceutical industry1 803 761 -5 4,663 4,302 -8
Agriculture and forestry2 .. .. .. 52 55 5
A-03/C-102 Fishing, aquaculture and fish processing 79 86 9 417 422 1
C-24 Manufacture of basic metals 36 42 16 241 225 -7
C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture 79 81 3 444 431 -3
D/E Electricity, gas, water supply, sewerage and waste management 31 35 12 191 200 5
F/B Construction, mining and quarrying 69 67 -3 369 345 -6
G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles 23 27 13 148 143 -3
G-46171/G-46172/G-46381 Wholesale of fish and fish markets 49 52 6 260 248 -5
G-4671 Wholesale of fuels 26 17 -34 147 111 -25
G-46 Other wholesale 66 74 13 378 396 5
G-47 Retail trade 82 93 13 495 528 7
H Transportation and storage 76 39 -48 432 279 -35
I55 Accommodation 18 3 -80 101 44 -56
I56 Food and beverage service activities 17 10 -38 100 78 -23
J Information and communication 42 44 5 247 257 4
N-7711 Renting and leasing of cars and light motor vehicles 8 5 -34 49 34 -32
N-79 Travel agencies, tour operator reservation service and related activities 16 1 -92 97 32 -67
Other fields of activity 84 82 -2 493 475 -4
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 press release 30 October, the VAT turnover, excluding the pharmaceutical industry and agriculture, in July to August 2020 was estimated 718.2 billion ISK which was a decrease of 12.50% compared with the same period in 2019. At present, more data are available and the VAT turnover in July to August 2020 is estimated 719.2 billion ISK, a decrease of 12.94% 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