VAT-turnover decreased in most sectors in the period May-June 2020 compared with the same period in 2019. The highest decrease was in “Travel agencies, tour operator reservation service and related activities” (-93%), “Accommodation” (-80%), “Car rentals” (-49%), and “Renting and leasing of cars and light motor vehicles” (-48%).
Increased turnover in some sectors
VAT-turnover increased in the sectors “Retail trade” (+10%) and “Wholesale excluding fish and fuels” (+5%).
| Turnover according to VAT-reports (billion ISK) | ||||||
| May-June 2019 | May-June 2020 | % | July 2018 - June 2019 | July 2019 - June 2020 | % | |
| Total excluding the pharmaceutical industry, agriculture and forestry¹² | 792 | 677 | -14 | 4,578 | 4,373 | -4 |
| Agriculture and forestry² | .. | .. | .. | .. | .. | .. |
| A-03/C-102 Fishing, aquaculture and fish processing | 66 | 65 | -2 | 392 | 410 | 4 |
| C-24 Manufacture of basic metals | 39 | 34 | -12 | 256 | 223 | -13 |
| C Manufacturing; excluding fish processing,pharmaceutical industry and manufacture of basic metals | 76 | 75 | -1 | 435 | 429 | -2 |
| D/E Electricity, gas;water supply; sewerage and waste management | 32 | 32 | 0 | 194 | 193 | 0 |
| F/B Construction, mining and quarrying | 62 | 57 | -9 | 363 | 351 | -3 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 30 | 26 | -15 | 153 | 137 | -11 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 42 | 36 | -14 | 251 | 243 | -3 |
| G-4671 Wholesale of fuels | 28 | 18 | -36 | 144 | 131 | -9 |
| G-46 Other wholesale | 65 | 68 | 5 | 366 | 383 | 5 |
| G-47 Retail trade | 85 | 93 | 10 | 486 | 510 | 5 |
| H Transportation and storage | 76 | 39 | -48 | 458 | 357 | -22 |
| I55 Accommodation | 18 | 4 | -80 | 102 | 76 | -25 |
| I56 Food and beverage service activities | 18 | 13 | -28 | 100 | 88 | -12 |
| J Information and communication | 42 | 41 | -4 | 243 | 254 | 4 |
| N-7711 Renting and leasing of cars and light motor vehicles | 10 | 5 | -49 | 51 | 40 | -22 |
| N-79 Travel agencies, tour operator reservation service and related activities | 21 | 1 | -93 | 116 | 81 | -30 |
| Other fields of activity | 80 | 70 | -13 | 467 | 469 | 0 |
| 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, and have longer reporting deadlines. Reliable data on VAT-turnover during the first half of 2020 in agriculture is not yet available. | ||||||
Revision of statistics
At the time of our press release 20 August, the VAT turnover, excluding the pharmaceutical industry, in March to April 2020 was estimated 657.2 billion ISK which was a decrease of 10.0% compared with the same period in 2019. At present, more data are available and the VAT turnover in March to April 2020 is estimated 657.5 billion ISK, a decrease of 9.9% 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.
Statistics
The tourism industry
All economic activities