Statistics Iceland publishes price and volume measures for inbound tourism expenditure in Iceland for the period 2009-2023. The chained volume measure for inbound tourism expenditure has typically grown in line with expenditures in current prices. In recent years, however, the chained volume measure has grown significantly slower than current price expenditures.
This deviation is explained by rapidly increasing prices in the tourism industry following the Covid-19 pandemic, as is readily seen in the implicit deflator of inbound tourism expenditure in Iceland. The implicit deflator increased by approximately 20% between 2019 and 2023, which is similar to the increase observed between 2009 and 2012. However, between 2012 and 2019 the implicit deflator remained stable