Full Year Analysis
The year in context
With 1,696,785 foreign passengers through Keflavík Airport, 2022 ranks 8th of the 23 complete years on record, 73% of the record set in 2018. Against 2019, the last full year before the pandemic, arrivals were down 14.6%. Compared with the average of the five preceding years (excluding 2020 and 2021), 2022 came in behind by 10.9%. Foreign hotel nights reached 82% of their 2025 record.
Overall Performance
2022 marked continued recovery and growth for Iceland's tourism sector. Foreign visitors recorded 4,014,004 overnight stays in hotels throughout the year, an increase of 118.9% compared to 2021's 1,833,681 nights.
Spending Trends
Tourist card spending totaled 254 billion ISK in 2022, up 96.0% from 2021. On a per-night basis, spending averaged 63k ISK, a decrease of 10.5% year-over-year. Spending growth lagged behind volume growth, indicating some pressure on per-visitor expenditure.
Seasonal Patterns
Aug was the busiest month with 521,431 foreign overnight stays, while Jan recorded the lowest volume at 137,520 nights. Average hotel occupancy ranged from winter lows to summer peaks, with a full-year average of 62.6%.
Source Markets
United States of America remained Iceland's largest source market, accounting for 30.9% of foreign overnight stays. United Kingdom (17.2%) and Germany (10.9%) rounded out the top three. Notable growth came from United States of America, United Kingdom, Germany.
Data Sources
- Overnight Stays: Statistics Iceland (Hagstofa Íslands)
- Occupancy Rates: Statistics Iceland
- Card Spending: Central Bank of Iceland (Seðlabanki Íslands)