Experimental statistics
Government and institution economic measures in response to Covid-19 - ex
Government and institution economic measures in response to Covid-19
Summary
Statistics Iceland have aggregated data on the main support measures taken by the Icelandic government in response to the Covid-19 pandemic.
Description
This experimental statistics publication summarises total amounts and number of recipients of the main support measures taken by the government in response to the Covid-19 pandemic. The summary covers both support to corporations as well as to individuals and shows the results by month, industry classification, gender and residence among other things. The results of this summary are based on data gathered from the Iceland Revenue and Customs, the Central Bank of Iceland, the Judicial Administration and the Directorate of Labour and includes the following support measures:
- Reduced employment ratio
- Salaries during notice period
- Business closure grants
- Quarantine payments
- Support loans
- Bridge loans (supplemental loans)
- Postponements of tax payments
- Payment respite
Objectives
The main objective of this publication is to inform relevant parties on the scope and recipients of some of the main support measures taken by the government in response to the Covid-19 pandemic.
Total measures amount to roughly 60 billion ISK
Updated: 18 January 2021
Statistics Iceland has compiled data covering the measures undertaken by the Icelandic government to mitigate the economic effects of the Covid-19 pandemic and covers the period March-December 2020.*
Total government and institution measures in response to Covid-19 amount to roughly 60 billion ISK for the year 2020, thereof about 38.4 billion ISK in direct financial support, 9.7 billion ISK in postponement of tax payments, and 11.8 billion ISK in state credit guarantees.
Total measures utilised by corporations amounted to roughly 35.5 billion ISK, covering 3,106 corporations. 708 corporations utilised more than one measure, 23 corporations applied for a payment respite, and 11 have undertaken bankruptcy procedures.
65% of reduced employment benefactors living in the capital regionThe reduced employment benefits scheme amounted to 24.5 billion ISK for the reference period (March-December 2020). Total number of beneficiaries was 37,017. Thereof, 65% of beneficiaries live in the capital region whereas about 10% live in the Southern Peninsula. 42% of beneficiaries are between the ages of 25 to 39, and about 37% are between the ages of 40 to 59. About 57% of beneficiaries are men and 43% women. Beneficiaries working in tourism specific industries amounted to 37% of the total beneficiaries.
* The most recent data covering postponement of tax payments ranges from March-November, where December has not yet been compiled.
Statistics
Government and institution measures in response to Covid-19 210118 (xlsx)
Metadata
The data sources are Iceland Revenue and Customs, the Central Bank of Iceland, the Judicial Administration and the Directorate of Labour as well as Statistics Iceland's Business and PAYE (Pay As You Earn) tax register. Sector categorisation is according to ÍSAT2008 and is based on Statistics Iceland's Business Register. The size of a corporation is based on the average number of employees over the period the respective corporation received support. The results of this summary could be subject to change as better data becomes available.
For further information please contact aron.leifsson@hagstofa.is, tel. +354 528 1135 and +354 528 1126.