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|
|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.