Iceland Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in iceland, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Tourism
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Tourism has been a growing force behind Iceland’s economy in more than a decade, with opportunities for investors in high-end tourism, including luxury resorts and hotels. The number of tourists in Iceland reached more than 2.3 million in 2018. Tourism in Iceland contracted in 2019 and 2020 due to COVID-19, and the total number of tourists went down to 2 million in 2019 and then down to 486,000 in 2020. As of 2022, the tourism sector had recovered, with 698,000 tourists in 2021, 1.8 million tourists in 2022, 2.2 million tourists in both 2023 and 2024, and a projected number of 2.3 million tourists expected for 2025. 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

 

2021

2022

2023

2024 

Total Local Production

N/A

N/A

N/A

N/A

Total Exports

$1,511

$3,591

$3,591

$4,090

Total Imports

N/A

N/A

N/A

N/A

Imports from the US

N/A

N/A

N/A

N/A

Total Market Size

N/A

N/A

N/A

N/A

Units: $ millions
Source: Statistics Iceland, revenue of foreign travelers, exports of goods and services.

Leading Sub-sectors

High-end resorts and activities. Dedicated tour guiding and high-end sight-seeing.  

Opportunities

Hotel and resort construction outside of the capital area, near unique locations, as well as exclusive or high-end activities.

Resources

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