Financial and Mortgage Portfolio Overview
Highlights
Tourism recovering swiftly from a two-year drought
We forecast that 1.5-1.6 million tourists will visit Iceland in 2022
Number of foreign tourists, by month
thousands
After a turbulent two-year period the
tourist sector appears poised for a swift
recovery
300
636,000 tourists visited Iceland in 1H of
2022, the largest total for this period
since 2019
Tourism operators are upbeat about the
summer and autumn. This year's tourist
numbers could come to 80-90% of the
2019 total
250
200
ISB Research expects 1.5-1.6 million
tourists this year, about the same
number as in the mid-2010s
Tourist numbers are assumed to rise to
1.9 million in 2023 and 2.1 million in
2024
150
-
Number of foreign tourists, by year
thousands
2500
2000
1500
The slowdown in growth further ahead
is due in part to a higher real exchange
100
1000
rate and the prospect of weaker growth
in global demand
Even though visitors were far fewer in
2021 than before the pandemic, stayed
longer and spent more on average in
Iceland than they did previously
50
500
Average revenues per tourist will likely
continue to be somewhat higher than in
the past decade
Jan
Feb
2019
---2022 fcast
Mar Apr May Jun Jul
-2020
Aug Sep
Oct Nov Dec
0
2021
2015 2016 2017 2018
2019 2020 2021 2022 2023 2024
2023 fcast
⚫ 2024 fcast
Sources: Icelandic Tourist Board, ÍSB Research.
August-September 2022
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