Preliminary results of the Tourism Satellite Accounts (TSAs) indicate that tourism as a proportion of GDP amounted to 8.8% in 2023 and has never been greater. For comparison, these estimates were 7.5% in 2022 and, on average, around 8.2% in the period from 2016 to 2019, prior to the Covid-19 pandemic.

The share of tourism in total employment
In 2023, 31 million working hours, or 9.7% of total working hours, are estimated to have been directly related to the production of goods and services for tourism final consumption. For comparison, these estimates were 9.4% in 2022 and, on average, roughly 10.6% in the period 2016-2019. Around 22.5 thousand persons were employed in tourism in Iceland in 2023 according to preliminary figures, an increase of 8% from the previous year.

Internal tourism consumption amounted to 845 billion ISK
Total internal tourism consumption, inbound and domestic, amounted to roughly 845 billion ISK in 2023 and has thus hit a record high. Total internal tourism consumption in 2022 was, for comparison, estimated at 676 billion ISK. It should however be noted that these figures are quoted at current prices and are thus influenced by inflation.

Accommodation largest in inbound tourism expenditure
Inbound tourism expenditure amounted to 503 billion ISK in 2023 according to preliminary figures, compared with 399 billion ISK in 2022. The largest share of inbound tourism expenditure, or 24.2%, was towards accommodation. Domestic tourism expenditure amounted to 323 billion ISK according to preliminary figures. The share of domestic tourism expenditure of total internal tourism consumption in 2023 was thus 38,2%.

About the data
The Tourism Satellite Accounts are used as a measurement of tourism within the national accounting framework and cover both inbound tourism and domestic tourism in Iceland.

In parallel to the publication of the results of the Tourism Satellite Accounts for 2023, the results of previous years have been revised. As Tourism Satellite Accounts are based on the results of both the expenditure and production approaches to compiling GDP, it should be emphasised that revisions made to those results also affect the Tourism Satellite Accounts.

A breakdown of domestic tourism expenditure is only published for the years 2009-2019 as data is not available for all consumption products from 2020. The methodology underlying the compilation of domestic tourism expenditure is under revision.


Further Information

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