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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Overview

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, and a projected number of 2.3 million tourists expected for 2023.  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
 2020202120222023 estimated
Total Local ProductionN/AN/AN/AN/A
Total Exports$837$1,511$3,591N/A
Total ImportsN/AN/AN/AN/A
Imports from the USN/AN/AN/AN/A
Total Market SizeN/AN/AN/AN/A
Exchange Rates$1 = 136.67 ISK$1 = 136.67 ISK$1 = 136.67 ISK$1 = 136.67 ISK

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

Leading Sub-Sectors

High-end resorts and activities.

Opportunities

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

Resources

American-Icelandic Chamber of Commerce

Icelandic Federation of Trade

Icelandic Food and Veterinary Authority (MAST)

Invest in Iceland

Isavia

Ministry of Higher Education, Science, and Innovation

Ministry of Culture and Business Affairs

Business Iceland

SA Confederation of Icelandic Enterprise

U.S. Embassy in Iceland

Vinbudin (ATVR)

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