Turnover in Iceland‘s business economy was 4,500 billion ISK in 2019 and increased by 3.8% from the previous year. Looking at industries, the highest turnover was in wholesale trade or around 750 billion ISK, which is a 12% increase from the year before.

The largest increase in turnover was in companies in information technology and communications where turnover was 255 billion ISK in 2019, an increase of 13% between years. Up until 2019 there was a large increase in turnover for companies in the tourism industries, but in that year the turnover was almost 50 billion ISK lower than in 2018 or a 7% decrease between years.

Gross operating surplus totalled 532 billion ISK in 2019, an increase of 8.8% from the previous year. The largest gross operating surplus in 2019 was in the fisheries industry or almost 70 billion ISK, an increase of 31% from the previous year. Interestingly, despite a decline in turnover in the tourism industry, the gross operating surplus increased by 48% between years and was 64 billion ISK in 2019.

The number of enterprises in 2019 was 31,558 with about 137,500 employees. Enterprises with 100 or more employees accounted for more than 45% of total turnover in 2019, the size class having 172 enteprises with around 51,500 employees.

Gross operating surplus increased by almost 9%. The larges year-on-year increase was 24% in enterprises with 2-4 employees and 11% in both the 10-49 and 100 or more employee size classes.

The number of employees increased by over 9% in enterprises with 0-1 employees and by almost 4% in the 2-4 employee size class. The reduction of employees in the larger companies means that the total number of employees decreased by 1% between years.

The number of enterprises remained fairly stable between years, but looking at individual size classes, there was a decrease in all of them except for enterprises with 2-4 employees where the increase was almost 5%.

Selected variables in different size classes for the business economy 2018-2019
  Number of enterprises Turnover Gross operating surplus Number of employees