According to VAT-reports, turnover increased in September-October 2021 compared with the same period in 2020. In 2020, there were many restrictions due to the Covid-19 pandemic and therefore it is relevant to compare turnover in the autumn of 2021 with turnover in the autumn of 2019, i.e. before the pandemic.
When comparing September-October 2021 with the same period in 2019, VAT-turnover increased most in foreign enterprises liable to VAT in Iceland. There were also large increases in other economic activities e.g. manufacturing of basic metals (mostly aluminium), other manufacturing and trade. VAT-turnover decreased, however, in most activities related to tourism except food and beverage service activities.
The average exchange rate (trade weighted index) increased by 7% which cannot explain all increases in turnover.
Revision of statistics
At the time of our press release 26 October the VAT-turnover in July-August 2021, excluding the pharmaceutical industry, was estimated 899.0 billion ISK which was an increase of 24.68% compared with the same period in 2020. At present, more data are available and the turnover is estimated 899.7 billion ISK, an increase of 24.75%.
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