Icelandic industry groups challenge export breakdown

The Federation of Icelandic Industries has criticised what it calls a misleading presentation of Iceland’s exports by the Business Council of Iceland in its report The Icelandic Economy 2026 and in a short video published on social media, mbl.is reports.

The federation says four export pillars account for 90 per cent of Iceland’s export revenues. It argues that the council’s presentation fails to include the technology and intellectual property industry, which generated ISK 369 billion in export revenues last year and could become the country’s most valuable export pillar in the coming years.

The federation says the three-part picture of Icelandic exports, in which fisheries, tourism and aluminium production account for exports, was accurate two decades ago but no longer reflects the economy.

Export revenues from the technology and intellectual property industry totalled ISK 369 billion last year, equivalent to 19 per cent of total export revenues. The figure has increased eightfold since 2008, when it stood at about ISK 46 billion.

The industry’s turnover exceeded ISK 700 billion in 2025, or about one tenth of turnover in the business sector. Its value creation exceeded ISK 440 billion that year.

About 18,000 people work in the technology and intellectual property industry, representing roughly 8 per cent of the workforce. The industry’s tax contribution amounted to ISK 186 billion in 2024, according to the federation.

A recent analysis by the Federation of Icelandic Industries found that energy-intensive industry accounted for 21 per cent of Iceland’s export revenues, technology and intellectual property for 19 per cent, tourism for 32 per cent and marine products for 18 per cent.

The federation says it has presented its objections to the Business Council of Iceland and urged it to correct the information in its coverage of Iceland’s export pillars.