Statistics Iceland

Economic Statistics

Borgartúni 21A, 105 Reykjavík, Iceland

REGISTRATIONS: The number of legal entities, i.e. not natural persons, entered in the business register at any time during the reference quarter. Registrations is an early indicator to measure business intentions.

BANKRUPTCIES: The number of legal entities that have started the procedure of being declared bankrupt, by issuing a court declaration, at any time during the reference quarter.

NACE Rev. 2 (Statistical Classification of Economic Activities in the European Community)

• Activity Coverage: NACE Sections B to N, and P to R and Divisions S95 and S96.
• Market activities only, i.e. excluding: public administration, defence, compulsory social security, activities of membership organisations, activities of households as employers and extra-territorial organisations and bodies.
• No restrictions on size. 

LEGAL ENTITY: A legal unit which is not a natural person.

REGISTRATIONS: The number of legal entities entered in the national Business Register at any time during the reference quarter.

BANKRUPTCIES: The number of legal entities that have started the procedure of being declared bankrupt, by issuing a court declaration, at any time during the reference quarter.

Legal entity

Legal entities operating in market activities of NACE Sections B to N, and P to R and Divisions S95 and S96.

Iceland

Data on bankruptcy data are available from 2010-Q1 and businessregistration data are available from 2015-Q1.

Not applicable. Data are reported to Eurostat in absolute values.

Absolute values. Number of business registrations and declarations of business bankruptcies over 3 months period.

Quarter

Act on Statistics Iceland and official statistics (163/2007):

• The act in Icelandic
• English summary

European legal basis: REGULATION (EU) 2019/2152 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 27 November 2019 on European business statistics, repealing 10 legal acts in the field of business statistics (CELEX 320R2152), Table 1 of the Commission implementing regulation 2020/1197.

Data are sent to Eurostat. Data are not sent to other international organisations.

Statistics Iceland's Rules of Procedure for Treating Confidential Data

Data on registrations and bankruptcies of legal entities are not confidential.

National release calendar includes monthly releases for new registrations and bankruptcies of legal entities.

The release calendar is available to the public and can be accessed on Statistics Iceland's website. https://statice.is/publications/news-archive/advance-release-calendar/

Statistics Iceland publishes data on the website at 9 a.m. (local time) on the day of publication. 

Data are transmitted to Eurostat within the agreed time frame based on Eurostat’s publication schedule.

Monthly for national releases, quarterly for transmissions to Eurostat.

Iceland does not publish the quarterly STS statistics on new registrations and bankruptcies nationally.

National users rely on the monthly data on new registrations and bankruptcies of legal entities. These data are updated monthly, on the dates pre-specified in the release calendar, on Statistics Iceland's webpage. Every quarter there is a long news release about bankruptcies.

Iceland does not publish the quarterly STS statistics on new registrations and bankruptcies nationally.

National users rely on the monthly data on new registrations and bankruptcies of legal entities. These data are updated monthly, on the dates pre-specified in the release calendar, on Statistics Iceland's webpage. Every quarter there is a long news release about bankruptcies.

Iceland does not publish the quarterly STS statistics on new registrations and bankruptcies nationally.

National users rely on the monthly data on new registrations and bankruptcies of legal entities. These data are updated monthly, on the dates pre-specified in the release calendar, on Statistics Iceland's webpage. Every quarter there is a long news release about bankruptcies.

It is possible to apply for micro-data access through Statics Iceland's Research Service: https://statice.is/services/data-for-scientific-research/

Quarterly Business Demography data (absolute values) are transmitted to Eurostat within 40 days after the reference period. The transmission is done by eDAMIS using the SDMX format.

Not available

See the attachment.

Statistics Iceland follows the principles in the Code of Practice for European Statistics (CoP) and uses the Quality Assurance Framework of the European Statistical System (QAF) for the implementation of the principles. This involves continuous decentralized and central control of products and processes based on documentation following international standards.

Not available

These figures are in great demand, because they give an early indication of the growth or decline of various economic activities.

There have been no formal measurements of user satisfaction.

The statistics are compiled according to EU guidelines. There are no gaps in the time-series.

Data on new business registrations is counted directly from the source and is accurate by definition. There is a lag in the registration of bankruptcies which causes an underestimate in the latest quarters reported. When reporting new data, the figures on bankruptices are revised 3 quarters back to catch any late registrations of bankruptcies.

As quarterly business demography indicators are "event based" statistics based on complete enumeration, sampling error is not applicable. Statistics are based on the complete database.

As for other administrative event based data, the registration delays might be a source of errors, in particular for declarations of bankruptcies. For example, there might be a delay longer than 40 days for registering a declaration of bankruptcy for the reference quarter. Normally this would appear as an (upward) revision in the next quarter.

The data is usually compiled within a week after the end of the reference period.

STS deadlines are respected.

Not applicable.

The timeseries are comparable over the covered period.

Not applicable

Not applicable

Administrative data are used to compile these statistics. Thus, the all costs and burden are related to data compilation within Statistics Iceland.

Errors are corrected when they are found. Users are informed of methodological and other changes which may lead to revisions. Smaller revisions and revisions of preliminary data are not announced. The same revision policy is applied nationally and in transmission to Eurostat.

Data for bankruptcies are revised 3 quarters back because of occasional late reporting. Figures on newly registered enterprises are not revised.

The Statistical Business Register kept by Statistics Iceland. This register is updated electronically every night with data from the business register kept by the Directorate of Internal Revenue (Skatturinn).

The source data is updated every night. Data on new registrations and bankruptcies are compiled and sent to Eurostat quarterly.

The source data is updated every night. Data on new registrations and bankruptcies are compiled and sent to Eurostat quarterly.

There is a visual check of the file received and a comprehensive check of the numbers to determine if anything has gone wrong in the transmission of data.

Not applicable

None

None