According to the preliminary results for 2014, the total production value of the agricultural sector increased by 4.3% and was ISK 64.2 billion at basic prices. Intermediate consumption is estimated to have increased by 4.2%, to ISK 48.5 billion.

Growth of the production in 2014 appears more in volume change than changes in prices.The volume of intermediate consumption increase approximately by 6.5% and prices increase by 2.2%.

The total output of agriculture 2013 was 61.6 billion ISK at basic prices based on updated data, an increase of 4.3% from the previous year (2012). This breaks down into an output volume increase of 1.3% and a price rise of 3%. The output value of crops, including intra-unit use of fodder plants was 18.4 billion ISK or 8.8% higher than last year (2012). The value of cereal production decreased by 24.4% from the previous year and potatoes by 5.1%.  The value of fodder plants increased by 13.3% and vegetable and horticultural products by 5.7%. The output value of animal husbandry grew by 3% in 2013 and is estimated at ISK 40.3 billion. As before, the most important products are milk and mutton, with increases in production values of 1.8% and 3.8% respectively. Other products like pigs increased the production value of 34.1% and poultry by 12.1%.

Intermediate consumption increased by 10.3%, to ISK 46.5 billion. The price index of intermediate consumption increased by 10.7% but volume decreased by 0.4%. The most important item in the intermediate consumption in Icelandic agriculture is forage use, weighing up to about half. As is the case for the production results, this includes the estimated value of home-grown fodder.

Statistics Iceland now publishes the Economic Accounts for Agriculture for the third time. Older data has in some cases been revised due to methodology improvements and access to new or better data.

Agricultural development 2012-2014        
        Percent 
        changes
        beteween 
In current price, million ISK 2012 2013 2014 1 2013/2014
         
Value of crop products 16,910 18,390 19,490 6.0
 i.e. subsidies and taxes on production of crop products 350 390 291 -25.3
Value of animal husbandry products 39,107 40,285 41,727 3.6
 i.e. subsidies and taxes on production of animal husbandry 9,273 9,471 9,929 4.8
Income from agricultural services 370 379 384 1.4
Income from inseparable non-agricultural secondary activities 2,623 2,515 2,585 2.8
Total output value 59,010 61,568 64,185 4.3
Intermediate consumption 42,187 46,524 48,480 4.2
Gross value added 16,823 15,044 15,705 4.4
Fixed capital consumption 3,511 4,536 4,526 -0.2
Net value added 13,312 10,507 11,179 6.4
Other subsidies on production 167 156 161 3.8
Other taxes on production
Factor income 13,479 10,663 11,341 6.4
Compensation of employees 4,389 4,765 5,286 10.9
Operating surplus/mixed income 9,089 5,898 6,055 2.7
Rents and other real estate charges to be paid 129 143
Interest paid 4,168 4,073
Interest received 172 98
1 Estimated year        

Statistics