The total turnover of enterprises in activities that are subject to VAT, excluding the pharmaceutical industry, amounted to 4,491 billion ISK in the twelve month period of November 2017 to October 2018, which is an increase of 8.5% compared with the preceding twelve months. The turnover in September to October 2018 was 788 billion ISK, an increase of 6.2% compared with the same period in 2017.
| Turnover according to VAT-reports (billion ISK) | ||||||
| Sept.-Oct. 2017 | Sept.-Oct. 2018 | % | Nov. 2016-Oct. 2017 | Nov. 2017-Oct. 2018 | % | |
| Total excluding the pharmaceutical industry¹ | 745 | 811 | 8,8 | 4.079 | 4.443 | 8,9 |
| A-01/A-02 Agriculture and forestry² | ... | ... | ... | 51 | 51 | 1,3 |
| A-03/C-102 Fishing, aquaculture; fish processing | 51 | 57 | 10,8 | 309 | 354 | 14,5 |
| C-24 Manufacture of basic metals | 36 | 44 | 20,4 | 210 | 243 | 16,1 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and man | 68 | 73 | 7,4 | 400 | 423 | 5,8 |
| D/E Electricity, gas;water supply; sewerage and waste management | 27 | 30 | 11,5 | 166 | 181 | 8,6 |
| F/B Construction, mining and quarrying | 58 | 63 | 8,4 | 307 | 343 | 11,7 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 29 | 29 | -0,9 | 167 | 169 | 1,1 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 31 | 33 | 5,5 | 196 | 215 | 10,0 |
| G-4671 Wholesale of fuels | 25 | 28 | 15,1 | 117 | 129 | 9,5 |
| G-46 Other wholesale | 57 | 61 | 6,5 | 342 | 356 | 4,2 |
| G-47 Retail trade | 82 | 84 | 2,0 | 441 | 470 | 6,6 |
| H Transportation and storage | 98 | 108 | 10,4 | 436 | 492 | 13,0 |
| I Accommodation and food service activities | 46 | 47 | 1,8 | 186 | 195 | 4,4 |
| J Information and communication | 29 | 33 | 12,7 | 193 | 212 | 10,1 |
| L Real estate activities | 14 | 16 | 14,1 | 79 | 87 | 9,9 |
| N-7711 Renting and leasing of cars and light motor vehicles | 13 | 13 | 1,0 | 50 | 51 | 1,5 |
| N-79 Travel agency, tour operator reservation service and related activities | 29 | 32 | 10,7 | 105 | 113 | 8,0 |
| Other fields of activity | 51 | 61 | 18,0 | 324 | 357 | 10,4 |
| ¹For the time being, VAT-turnover is published excluding the pharmaceutical industry. Data validation is ongoing | ||||||
| ²Most farmers report VAT every 6 months. Hence data in two-month buckets are not a good indicator of trends in agriculture. | ||||||
Revision of statistics
At the time of our previous press release, in November, the VAT turnover, excluding the pharmaceutical industry, in July to August 2018 was estimated 810.8 billion ISK which was an increase of 8.8% compared with the same period in 2017. At present, more data are available and the VAT turnover in July to August 2018 is estimated 811.9 billion ISK, an increase of 9.0% compared with the same period in 2017.
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.
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