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.
| 2020 | 2021 | 2022 | 2023 estimated | |
| Total Local Production | N/A | N/A | N/A | N/A |
| Total Exports | $837 | $1,511 | $3,591 | N/A |
| 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 |
| 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 Food and Veterinary Authority (MAST)
Ministry of Higher Education, Science, and Innovation
Ministry of Culture and Business Affairs