Iceland - Tourism

Tourism

This is a best prospect industry sector for this country. Includes a market overview and trade data.

Last published date: 2022-06-08

Overview

Tourism has been a growing force behind Iceland’s economy since 2010, with opportunities for investors in high-end tourism, including luxury resorts and hotels. The number of tourists in Iceland grew by more than 400 percent between 2010 and 2018, reaching more than 2.3 million in 2018. However, tourism in Iceland contracted in 2019 with visitors falling just below 2 million, which can be largely attributed to the fall of Icelandic budget airline WOW Air. The COVID-19 pandemic has had drastic effects on tourism, as well as on Iceland’s overall economy, which contracted by 7.1 percent in 2020, according to Statistics Iceland. Less than half a million tourists visited Iceland in 2020, with the number of tourists reaching 700,000 in 2021. Stakeholders in the industry have been generally optimistic for 2022, with hotels reporting good booking positions for the spring and summer seasons. The sector has been moving away from mass tourism to high-end tourism amid increasing demand for exclusive and luxury experiences.

**Table: Revenue of Foreign Travelers**
	2019	2020	2021	2022 estimated
Total Local Production	N/A	N/A	N/A	N/A
Total Local Production	$3,484	$837	$1,511	N/A
Total Exports	N/A	N/A	N/A	N/A
Total Imports	N/A	N/A	N/A	N/A
Total Market Size	N/A	N/A	N/A	N/A
Exchange Rates	$1 = 134.91 ISK	$1 = 134.91 ISK	$1 = 134.91 ISK	$1 = 134.91 ISK