The total turnover of enterprises in activities that are subject to VAT, excluding the pharmaceutical industry, amounted to 4,594 billion ISK in the twelve month period of March 2018 to February 2019, which is an increase of 7.4% compared with the preceding twelve months. The turnover in January to February 2019 was 673 billion ISK, an increase of 8.5% compared with the same period in 2018.
| Turnover according to VAT-reports (billion ISK) | ||||||
| Jan.-Feb. 2018 | Jan.-Feb. 2019 | % | March 2017-Feb. 2018 | March 2018-Feb. 2019 | % | |
| Total excluding the pharmaceutical industry¹ | 620 | 673 | 8.5 | 4,276 | 4,594 | 7.4 |
| Agricultur and forstry² | 2 | 2 | ... | 50 | 51 | 1.8 |
| A-03/C-102 Fishing, aquaculture; fish processing | 50 | 67 | 34.7 | 342 | 375 | 9.9 |
| C-24 Manufacture of basic metals | 41 | 43 | 5.5 | 228 | 256 | 12.6 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and man | 59 | 62 | 5.9 | 411 | 436 | 6.0 |
| D/E Electricity, gas;water supply; sewerage and waste management | 30 | 32 | 5.9 | 172 | 189 | 9.9 |
| F/B Construction, mining and quarrying | 43 | 47 | 9.0 | 329 | 361 | 9.7 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 24 | 22 | -7.8 | 176 | 161 | -8.6 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 31 | 44 | 39.6 | 202 | 240 | 18.6 |
| G-4671 Wholesale of fuels | 16 | 17 | 10.8 | 124 | 130 | 4.8 |
| G-46 Other wholesale | 53 | 58 | 9.8 | 348 | 373 | 7.1 |
| G-47 Retail trade | 66 | 70 | 6.5 | 458 | 481 | 5.0 |
| H Transportation and storage | 65 | 59 | -9.7 | 469 | 488 | 3.9 |
| I Accommodation and food service activities | 24 | 24 | -0.6 | 192 | 197 | 2.6 |
| J Information and communication | 32 | 35 | 9.2 | 200 | 227 | 13.2 |
| N-7711 Renting and leasing of cars and light motor vehicles | 6 | 6 | -4.7 | 52 | 51 | -1.0 |
| N-79 Travel agency, tour operator reservation service and related activities | 13 | 15 | 12.2 | 103 | 114 | 10.9 |
| Foreign enterprices selling e-services to households in Iceland | 1 | 2 | 26.6 | 7 | 9 | 20.4 |
| Other fields of activity | 63 | 67 | 6.8 | 412 | 456 | 10.5 |
| ¹ For the time being, VAT-turnover is pubished excluding the pharmaceutical industry. Data validation is ongoing. | ||||||
| ² Many farmers report VAT biannually, in accordance with paragraph 31 of the VAT-laws. | ||||||
Revision of statistics
At the time of our previous press release, in March, the VAT turnover, excluding the pharmaceutical industry, in November to December 2018 was estimated 807.6 billion ISK which was an increase of 5.7% compared with the same period in 2017. At present, more data are available and the VAT turnover in November to December 2018 is estimated 812.2 billion ISK, an increase of 6.3% 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.
Statistics