Turnover increased in most of the main industries in Iceland in July and August of 2026 compared with the same months in 2025. Turnover increased most in manufacture of base metals and information technology (with significant growth in data centres) while slight decrease was in fisheries. 1 Turnover growth exceeded inflation in around one half of all industries as inflation for the period was 5.4%.
Turnover in the tourism industry increased by roughly 7% to total 252 billion ISK with growth in nearly all areas. Nearly 25% growth was in passenger transport by land and 11% by air. Turnover of wellness centres also grew by approximately 14%. In food and beverage activities there was 3% increase while 10% growth was in accommodation, despite overnight stays remaining relatively unchanged in July and August. Lastly, turnover increased by 7% in leasing of cars and recreational or sporting goods and 2% in passenger transport by sea or water. Turnover of travel agencies declined by nearly 2% due to services in connection with trips abroad (4% growth was in services in connection with trips in Iceland).
Turnover in the technology sector (excl. pharmaceutical production) amounted to 111 billion ISK and increased by 11%. Very high growth was in information technology where the greatest proportional increase was in information service activities (data processing, hosting, etc.) or nearly 189%. Litle changes were in other areas of the technology sector. Around 1% growth was in computer programming but a decline of 1% in high and medium-high technology manufacturing where turnover fell by 2% in manufacture of computer, electronic and optical products.
Turnover in metals manufacturing increased significantly during the period or by 22 billion ISK (41%). The world price of aluminium was considerably higher while the local currency was unchanged and quantity exported modestly higher. In fishing, aquaculture and fish processing turnover fell although growth was in aquaculture specifically.1
Turnover in retail trade increased by roughly 7% as supermarkets and grocery stores experienced continued growth (16%). At pharmacies there was 7% increase but declines in both hardware stores (-3%) and clothing and footwear stores (-1%). Turnover in wholesale trade increased by nearly 5% with 15% growth in wholesale of fuel. Lastly, only 1% increase was in wholesale and retail trade and repair of motor vehicles where 2% drop was in sale of motor vehicles.
Turnover in real estate increased considerably or by nearly 10% to be 35 billion ISK. Most of the industry’s turnover is due to commercial real estate. On the other hand, there was only 3% growth in construction. Thereof, no change was in construction of buildings and 4% increase in specialised construction. In civil engineering turnover was approximately 12% higher compared with the previous year.
About the data
Data for turnover according to VAT reports is preliminary. All numbers are in nominal terms unless otherwise specified. Inflation was 5.4% during the period of July-August 2025 to July-August 2026.
Due to undergoing analysis of data for the industry manufacture of basic pharmaceutical products and pharmaceutical preparations it is not possible to release numbers for that industry. Furthermore, data for high and medium high technology manufacturing (and knowledge intensive high technology services) and high and medium-high technology manufacturing along with total numbers (total and total excluding agriculture and forestry) excludes turnover from the pharmaceutical industry. This applies to data going back to 2008.
Revisions: At the time of our last press release for the period May-June 2026 VAT-turnover was estimated to have been 1,342.5 billion ISK (+6.2%). Following a review with more data available the turnover is estimated to have been 1,347.3 billion ISK (+6.5%).
1 At the time of publication data from some enterprises in fishing, aquaculture and fish processing were missing. Final turnover numbers for the industry are thus likely to be higher than reported and the contraction smaller. Data will be updated at the next publication in December.
Statistics
The tourism industry
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