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VAT-turnover trends in Iceland’s tourism sector

Data

06 September 2024

VAT-turnover trends in Iceland’s tourism sector

Adventure tourism

Coastal, maritime and inland water tourism

Cultural tourism

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An illustrative photo of Iceland’s mountains reflected in a lake.

In 2024, Iceland’s tourism-related VAT turnover saw a significant increase, with a 3.6% rise from 2023 and a 61.8% rise from 2019, driven mainly by passenger air transport and accommodation sectors.

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Statistics Iceland

Topics
Geographical descriptors

Iceland

Organisation Type

Academic / Research and VET Institutions

Company with 250 or more employees

Consumer Organisations

Cultural and Heritage Organisations

Destination Management & Marketing Organisations

EU Institutions

Financial Institutions and Investors

Industry Associations and Chambers of Commerce

International Organisations

Local Authorities

Media / Journalist Organisations

National authorities

Networks and Federations / Confederations

NGOs / Non-profits

Regional Authorities

SMEs (a company with less than 250 employees)

Trade Unions

  • Specific types of tourism

    • Adventure tourism

    • Coastal, maritime and inland water tourism

    • Cultural tourism

    • Ecotourism

    • Education tourism

    • Festival tourism

    • Gastronomy tourism

    • Health and medical tourism

    • MICE tourism

    • Mountain tourism

    • Religious tourism

    • Rural tourism

    • Sports tourism

    • Urban/city tourism

    • Wellness tourism

  • Transition Pathway Strategic Areas

    • Coordinated information on travelling

    • Improving statistics and indicators

    • Innovative tourism services

  • Business activities

    • Air passenger transport

    • Camping grounds, recreational vehicle parks and trailer parks

    • Holiday Housing / Apartments and other short stay accommodation

    • Hotel and similar accommodation

    • Mobile beverage services

    • Mobile food services

    • Other holiday reservation services

    • Rail Passenger transport

    • Restaurants, cafes and bars (Food and Beverage serving activities)

    • Road passenger transport

    • Tour operator activities

    • Travel agency activities

    • Water (sea, coastal and inland) passenger transport

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According to Statistics Iceland, the official statistics center in Iceland, the VAT turnover in tourism-related activities has fluctuated in recent years. In 2024, there was a notable increase in turnover compared to the previous year and the pre-pandemic period of 2019 across various sectors. From May to June 2024, the total VAT turnover in tourism activities was ISK 189.1 billion, which is 3.6% higher than the same period in 2023 and 61.8% higher than the same period in 2019. Passenger air transport and accommodation sectors accounted for over 55.5% of the total turnover in the tourism industry during this period in 2024. However, the first half of 2024 saw varied changes in turnover, with some sectors experiencing growth while others faced declines. Notably, passenger air transport and accommodation sectors have shown resilience despite the overall mixed trends. 

For more detailed analysis, Statistics Iceland offers the option to select values for analysis, including the year (from 2016 to 2024), period (from January to December), turnover/change, and tourism industry activity (NACE rev. 2).

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