High growth enterprises are market enterprises, having at least three employees in the beginning of the growth period, with average annualised growth of 10% or greater per annum over a three year period. There are two types of measured growth: growth in turnover and growth in paid employment. Enterprise growth includes both organic and acquisition growth.
There were 1,608 high growth enterprises measured in turnover and 977 high growth enterprises measured in paid employment during the 2014-2017 growth period. Over 41 thousand persons were employed in high growth enterprises measured in turnover with 1,167 billion ISK by the end of the growth period. High growth enterprises measured in paid employment had over 33 thousand persons employed and 929 billion ISK in turnover in 2017.
|The number of high growth enterprises, the number of persons employed and turnover in total business economy|
|Year (t)||The number of enterprises||The number of persons employed in t-3||The number of persons employed in t||Turnover in t-3, billion ISK||Turnover in t, billion ISK|
|High growth enterprises measured in turnover|
|High growth enterprises measured in paid employment|
During the 2014-2017 growth period, construction, wholesale and retail trade and tourism industries were 62% of all high growth enterprises measured in turnover and 65% of all high growth enterprises measured in paid employment. In the same period, all enterprises in these three industries represented 42% of the total number of enterprises in the business economy in 2017.
Enterprises in construction were 23% of all high growth enterprises measured in turnover and 22% of all high growth enterprises measured in paid employment. The majority of high growth enterprises in construction had three to four persons employed in the beginning of the growth period.
In tourism industries, the share of all high growth enterprises measured in turnover was 19% and 22% of all high growth enterprises measured in paid employment during the 2014-2017 growth period. Half of them had 10 or more persons employed in the beginning of the growth period.
The highest number of persons employed was in tourism high growth enterprises, independently from the type of growth or growth period. By the end of the 2014-2017 growth period, there were 12,605 persons employed in high growth enterprises measured in paid employment with 19% employees CAGR (the compound annual growth rate).
In high growth enterprises measured in paid employment, the highest combined turnover was in tourism industries, 320 billion ISK and 18% turnover CAGR by the end of the growth period 2014-2017.
*Transport (total); Accommodation, food and beverages; Leiga á vélknúnum ökutækjum; Renting and leasing of motor vehicles, recreational and sports goods; Travel agency, tour operator and other reservation service and related activities
**Manufacture of chemicals and chemical products; Manufacture of weapons and ammunition; Manufacture of computer, electronic and optical products; Manufacture of electrical equipment; Manufacture of machinery and equipment n.e.c.; Manufacture of motor vehicles, trailers and semi-trailers; Manufacture of other transport equipment; Manufacture of medical and dental instruments and supplies; Postal and courier activities; Publishing activities; Programming and broadcasting activities; Telecommunications; Computer programming, consultancy and related activities; Information service activities; Scientific research and development
About the data
Business Demography Statistics are based on Eurostat and OECD harmonized methodologies. Therefore, they are comparable to statistics in other European countries. The statistics are based on tax returns of enterprises and individuals. It covers the private sector except agriculture, financial and insurance services. Public administration, health and social services, educational activities, cultural, sporting and recreational activities, as well as NGO activities, are excluded.
Amounts are at current prices.