According to Íslandsbanki’s new tourism industry report, Airbnb is now three times larger in the domestic market than all of Iceland’s guest houses combined, with turnover totalling ISK 20bn in 2017, an increase of 109% year-on-year. In the report, it is forecast that tourism-generated foreign exchange revenues will total just over ISK 570bn in 2018, an increase of 10% YoY.
The report also compiles tourism companies’ operating results, which show that 1% of companies in the sector generate about half of total tourism revenues and 93% of operators account for only 19% of revenues.
The Bank’s tourism industry report was presented at a well attended breakfast meeting held in Perlan, followed by discussions of the status of the sector. Participants in the discussions were:
- Davíð Torfi Ólafsson, Managing Director, Íslandshótel
- Grímur Sæmundsen, CEO, Blue Lagoon
- Kristín Hrönn Guðmundsdóttir, Director of Trade and Services, Íslandsbanki
- Rannveig Grétarsdóttir, owner and Managing Director, Elding
- Þórdís Kolbrún R. Gylfadóttir, Minister of Tourism, Industry, and Innovation