Although the turnover of some activities changed much, the total turnover remained relatively stable.
The total turnover of enterprises in activities that are subject to VAT, excluding travel agencies and land passenger transport, amounted to 533 billion ISK in the period of January to February 2017, which is a decrease of 1.3% compared to the same period in 2016. On annual basis, the turnover was 4% higher in the period from March 2016 to February 2017 compared to the preceding twelve months.
The total turnover of enterprises in activities that are subject to VAT amounted to 549 billion ISK in the period of January to February 2017, which is a decrease of 1% compared to the same period in 2016.
Increased turnover in activities related to tourism
The turnover increased in most activities related to tourism, e.g. the turnover in “Accommodation and food services” increased by 27% in the period from March 2016 to February 2017 compared to the preceding twelve months.
Travel agencies and land passenger transport were not subject to VAT before 2016, and thus comparing turnover including these activities in 2016 with turnover excluding these activities prior to 2016 would be misleading.
Since the turnover of travel agencies has only recently become subject to VAT, it is not yet possible to compare data on an annual basis. However, the turnover was 31% higher in January to February 2017 than in the same period last year.
Turnover also increased much on an annual base in the activities “Construction, mining and quarrying” (36%) and “Wholesale and retail trade and repair of motor vehicles and motorcycles” (15%). This increase might be partly due to the boom in the tourism industry.
| Turnover according to VAT-reports (billions ISK) | ||||||
| Jan.-Feb. 2016 | Jan.-Feb. 2017 | % | March 2015-Feb. 2016 | March 2016-Feb. 2017 | % | |
| Total | 552 | 549 | -0.6 | 3,858 | 4,098 | |
| Total excluding travel agencies and land passenger transport¹ | 540 | 533 | -1.3 | 3,839 | 3,975 | 3.6 |
| A-01/A-02 Agriculture and forestry² | 49 | 51 | 4.2 | |||
| A-03/C-102 Fishing, aquaculture; fish processing | 54 | 30 | -43.5 | 388 | 325 | -16.2 |
| C-24 Manufacture of basic metals | 33 | 35 | 8.4 | 238 | 201 | -15.5 |
| C Manufacturing excluding fish processing (10.2) and manufacture of basic metals (24) | 59 | 65 | 11.1 | 458 | 471 | 2.9 |
| D/E Electricity, gas; water supply; sewerage and waste management | 27 | 28 | 1.3 | 168 | 163 | -2.9 |
| F/B Construction, mining and quarrying | 30 | 37 | 24.7 | 213 | 288 | 35.7 |
| G-45 Wholesale and retail trade and repair of motor vehicles and motorcycles | 21 | 23 | 9.6 | 139 | 162 | 16.8 |
| G-4617/G-46381 Wholesale of fish and fish markets | 36 | 21 | -41.0 | 247 | 211 | -14.6 |
| G-4671 Wholesale of fuels | 13 | 15 | 21.3 | 116 | 113 | -2.6 |
| G-46 Other wholesale | 47 | 49 | 4.0 | 323 | 343 | 6.5 |
| G-47 Retail trade | 59 | 62 | 4.0 | 402 | 432 | 7.5 |
| H Transportation and storage¹ | 56 | 56 | 0.2 | 390 | 429 | |
| I Accommodation and food service activities | 18 | 22 | 25.5 | 137 | 175 | 27.4 |
| J Information and communication | 30 | 29 | -3.6 | 181 | 194 | 7.6 |
| N-79 Travel agency, tour operator reservation service and related activities¹ | 10 | 13 | 30.9 | 16 | 100 | |
| Other fields of activity | 58 | 60 | 4.0 | 395 | 439 | 11.1 |
| ¹Since the beginning 2016, some economic activities are no longer exempt from VAT, e.g. travel agencies (section N) and certain types of passenger transportation (section H). | ||||||
| ²Most farmers report VAT every 6 months. Hence data in two-month buckets are not a good indicator of changes in agriculture. | ||||||
More detailed data and data further back in time can be found in web-tables.
Turnover in fishing and fish processing decreased
The turnover in fishing and fish processing was 44% lower in the period January to February 2017 than in the same period last year. During the same period, the turnover in wholesale of fish decreased by 41%. The decrease is due to the recent strike.
According to the latest data on annual basis, the turnover in fishing and fish processing was 16% lower in the period from March 2016 to February 2017 compared to the preceding twelve months.
Revision of statistics
At the time of our previous press release, in January, the VAT turnover in November to December 2016 was estimated 694.0 billion ISK which was an increase of 2.6% compared to the same period in 2015. At present, more data are available and the VAT turnover in November to December 2016 is estimated 714.0 billion ISK which is an increase of 2.9% compared to the same period in 2015. More information on the revision of published data on turnover can be found in the metadata.
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:
Tourism industry
All economic activities