Iceland Mag

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Iceland Mag

Economy

Car rental services set to be bigger than agriculture in Iceland

By Staff

  • Turnover Although agriculture has grown in recent years, it's now being surpassed by car rentals. Photo/Vísir.

In another indication of the tourism boom that has dominated Iceland in recent years, car rental services are on course to have a larger turnover than agriculture this year.

According to data from Statistics Iceland, the projected turnover for the car rental industry in Iceland in 2017 is 54 billion ISK. That's slightly more than Icelandic agriculture is expected to turn over this year. 

car rental, agriculture, Economy
Growing industries Blue line represents turnover for car rental services, red line agriculture. Graph/Statistics Iceland.

Massive growth in traffic the past five years
Traffic figures also bear out the growth in car rentals. According to figures from the Icelandic Road and Coastal Administration, traffic along the ring road increased 12% in June from the same month last year.

The record growth is even more pronounced looking back at the last five years. Traffic in East Iceland has grown by 100%, 50% in North Iceland, 60% in South Iceland, 40% in West Iceland and 35% in the Reykjavík metropolitan area according to local news site Vísir.

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