VAT-turnover decreased in most sectors in the period July-August 2020 compared with the same period in 2019. The highest decrease was in “Travel agencies, tour operator reservation service and related activities” (-82%), “Accommodation” (-64%), and "Transportation and storage" (-49%).
VAT-turnover increased in the sectors “Retail trade” (+7%) and “Wholesale excluding fish and fuels” (+4%).
Fluctuations in sales and repair of motor vehicles
VAT-turnover in wholesale and retail trade and repair of motor vehicles and motorcycles increased by 12% from July-August 2019 to July-August 2020. In this period, the turnover in repair of motorised vehicles and motorcycles decreased by 3% while the turnover in wholesale and retail of these vehicles increased by 17%. The turnover in sale and repair of motorised vehicles has fluctuated much lately, e.g. the turnover in the period May-June 2020 was 19% lower than in the same period 2019.
| Turnover according to VAT-reports (billion ISK) | ||||||
| July-August 2019 | July-August 2020 | % | Sept. 2018 - August 2019 | Sept. 2019 - August 2020 | % | |
| Total excluding the pharmaceutical industry1 | 821 | 718 | -13 | 4,640 | 4,328 | -7 |
| Agriculture and forestry2 | .. | .. | .. | 52 | 53 | 3 |
| A-03/C-102 Fishing, aquaculture and fish processing | 66 | 70 | 6 | 403 | 414 | 3 |
| C-24 Manufacture of basic metals | 38 | 34 | -10 | 251 | 219 | -13 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture | 71 | 69 | -3 | 434 | 426 | -2 |
| D/E Electricity, gas, water supply, sewerage and waste management | 30 | 32 | 6 | 194 | 195 | 1 |
| F/B Construction, mining and quarrying | 66 | 61 | -9 | 367 | 346 | -6 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 25 | 28 | 12 | 149 | 140 | -6 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 39 | 39 | 1 | 257 | 244 | -5 |
| G-4671 Wholesale of fuels | 32 | 21 | -33 | 147 | 120 | -18 |
| G-46 Other wholesale | 66 | 69 | 4 | 373 | 386 | 4 |
| G-47 Retail trade | 89 | 96 | 7 | 492 | 517 | 5 |
| H Transportation and storage | 88 | 45 | -49 | 435 | 314 | -28 |
| I55 Accommodation | 28 | 10 | -64 | 102 | 58 | -43 |
| I56 Food and beverage service activities | 20 | 15 | -24 | 101 | 83 | -17 |
| J Information and communication | 37 | 37 | -1 | 245 | 254 | 3 |
| N-7711 Renting and leasing of cars and light motor vehicles | 12 | 8 | -30 | 51 | 36 | -29 |
| N-79 Travel agencies, tour operator reservation service and related activities | 29 | 5 | -82 | 116 | 56 | -51 |
| Other fields of activity | 81 | 77 | -5 | 473 | 466 | -1 |
| 1 For the time being, VAT-turnover is published excluding the pharmaceutical industry. Data validation is ongoing. | ||||||
| 2 Many farmers report VAT biannually, in accordance with paragraph 31 of the VAT-laws. Hence, bimonthly data do not reflect the turnover in agriculture. | ||||||
Revision of statistics
At the time of our press release 27 August, the VAT turnover, excluding the pharmaceutical industry and agriculture, in May to June 2020 was estimated 677.0 billion ISK which was a decrease of 14.46% compared with the same period in 2019. At present, more data are available and the VAT turnover in March to April 2020 is estimated 679.5 billion ISK, a decrease of 14.15% compared with the same period in 2019.
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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