Full Year Analysis
The year in context
With 308,768 foreign passengers through Keflavík Airport, 2003 ranks 23rd of the 23 complete years on record, 13% of the record set in 2018. Foreign hotel nights reached 15% of their 2025 record.
Overall Performance
2003 marked continued recovery and growth for Iceland's tourism sector. Foreign visitors recorded 716,192 overnight stays in hotels throughout the year, an increase of 11.4% compared to 2002's 642,997 nights.
Spending Trends
Tourist card spending totaled 13 billion ISK in 2003, up 226.5% from 2002. On a per-night basis, spending averaged 18k ISK, an increase of 193.1% year-over-year. Spending growth outpaced volume growth, suggesting higher per-visitor expenditure.
Seasonal Patterns
Aug was the busiest month with 118,767 foreign overnight stays, while Jan recorded the lowest volume at 22,368 nights. Average hotel occupancy ranged from winter lows to summer peaks, with a full-year average of 47.8%.
Source Markets
United Kingdom remained Iceland's largest source market, accounting for 19.6% of foreign overnight stays. Germany (15.7%) and United States of America (13.3%) rounded out the top three. Notable growth came from Netherlands, Other European countries.
Data Sources
- Overnight Stays: Statistics Iceland (Hagstofa Íslands)
- Occupancy Rates: Statistics Iceland
- Card Spending: Central Bank of Iceland (Seðlabanki Íslands)