Increased turnover in aquaculture and fisheries
VAT-turnover in fishing and fish production increased by 15.1% in September-October 2019 compared with the same period 2018. During the last 12 months, the turnover in aquaculture was 99% higher than in the preceding 12 months. The annual turnover in aquaculture is now about half of that of agriculture.
Decreased turnover in air transport
VAT-turnover in transportation and storage decreased by 8.1% in September-October 2019 compared with the same period 2018. This reduction is because of a decrease in turnover in air transport (-10.6%) and in service activities incidental to air transportation (-28.6%).
The building sector slows down
VAT-turnover in the building sector was only 1.3% higher in September-October 2019 compared with the same period 2018, which is a much lower growth than has been in this sector during the last years.
Less turnover in manufacture of metals
VAT-turnover of basic metals decreased by 20.6% in September-October 2019 compared with the same period 2018.
| Turnover according to VAT-reports (billion ISK) | ||||||
| Sept._Oct. 2018 | Sept.-Oct. 2019 | % | Nov. 2017-Oct. 2018 | Nov. 2018- Oct. 2019 | % | |
| Total excluding the pharmaceutical industry¹ | 791 | 799 | 1.1 | 4,494 | 4,636 | 3.2 |
| Agriculture and forestry² | ... | ... | ... | 52 | 51 | -0.2 |
| A-031/C-102 Fishing and fish processing | 64 | 73 | 15.1 | 338 | 388 | 14.8 |
| A-032 Aquaculture | 3 | 5 | 47.6 | 13 | 26 | 98.7 |
| C-24 Manufacture of basic metals | 46 | 36 | -20.6 | 250 | 241 | -3.5 |
| C Manufacturing; excluding fish processing,pharmaceutical industry | 73 | 78 | 7.3 | 426 | 437 | 2.6 |
| D/E Electricity, gas;water supply; sewerage and waste manageme | 33 | 31 | -4.9 | 184 | 192 | 4.2 |
| F/B Construction, mining and quarrying | 68 | 68 | 1.3 | 349 | 367 | 5.1 |
| G-45 Wholesale and retail trade and repair of motor vehicles and m | 24 | 23 | -4.6 | 168 | 148 | -12.0 |
| G-46171/G-46172/G-46381 Wholesale of fish and fish markets | 46 | 49 | 7.0 | 222 | 260 | 17.2 |
| G-4671 Wholesale of fuels | 25 | 26 | 2.8 | 133 | 147 | 10.5 |
| G-46 Other wholesale | 64 | 68 | 7.0 | 364 | 394 | 8.1 |
| G-47 Retail trade | 79 | 82 | 4.4 | 471 | 495 | 5.1 |
| H Transportation and storage | 82 | 75 | -8.1 | 498 | 428 | -13.9 |
| I Accommodation and food service activities | 36 | 34 | -5.0 | 200 | 200 | 0.2 |
| J Information and communication | 39 | 40 | 2.5 | 218 | 233 | 6.8 |
| N-7711 Renting and leasing of cars and light motor vehicles | 9 | 8 | -15.7 | 51 | 49 | -4.6 |
| N-79 Travel agencies, tour operator reservation service and related | 20 | 19 | -4.5 | 110 | 115 | 4.9 |
| Foreign enterprises selling e-services to households in Iceland | 1 | 2 | 11.9 | 9 | 10 | 11.4 |
| Other fields of activity | 77 | 78 | 1.5 | 438 | 455 | 3.8 |
| 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 previous press release, in November last year, the VAT turnover, excluding the pharmaceutical industry, in July to August 2019 was estimated 817.7 billion ISK which was an increase of 0.8% compared with the same period in 2018. At present, more data are available and the VAT turnover in July to August 2019 is estimated 818.7 billion ISK, an increase of 1.0% compared with the same period in 2018.
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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The tourism industry
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