According to preliminary figures for the year 20171, the total production value of the agricultural sector was ISK 62.5 billion at basic prices, i.e. including taxes and subsidies on product, and declined by 1.0% from the previous year. This decline is attributed to a 0.5% drop in volume and a 1.5% decline in prices, compared to the year before.
Value of animals and animal products is estimated to be ISK 42.2 billion, including product subsidies and taxes of ISK 10.9 billion. Value of crop products is ISK 15.7 billion, including ISK 502 million in subsidies and taxes 2. Intermediate consumption of the agricultural industry is estimated to be ISK 38.6 billion in 2017, or 5.0% less than in the year before.
| Agriculture performance 2015-2017 | ||||
| Current prices, million ISK | 2015 | 2016 | 2017* | Change between 2016/2017,* % |
| Value of crop products | 17,023 | 16,121 | 15,740 | -2.4 |
| i.e. subsidies and taxes on production of crop products | 295 | 118 | 502 | 325.4 |
| Value of animal husbandry products | 43,807 | 42,538 | 42,172 | -0.9 |
| i.e. subsidies and taxes on production of animal husbandry | 10,336 | 10,574 | 10,872 | 2.8 |
| Income from agricultural services | 316 | 334 | 345 | 3.3 |
| Income from inseperable non-agricultural secondary activities | 3,425 | 4,084 | 4,204 | 2.9 |
| Total output value of the agricultural industry | 64,571 | 63,077 | 62,462 | -1.0 |
| Intermediate consumption | 41,425 | 40,674 | 38,624 | -5.0 |
| Gross value added | 23,146 | 22,403 | 23,838 | 6.4 |
| Fixed capital consumption | 5,468 | 5,554 | 5,592 | 0.7 |
| Net value added | 17,678 | 16,849 | 18,246 | 8.3 |
| Othe subsidies on production | 195 | 186 | 205 | 10.2 |
| Other taxes on production | .. | .. | 0 | .. |
| Factor income | 17,873 | 17,035 | 18,451 | 8.3 |
| Compensation of employees | 4,855 | 6,186 | 6,261 | 1.2 |
| Operating surplus/mixed income | 13,018 | 10,849 | 12,189 | 12.4 |
| Rents and other real estate charges to be paid | 154 | 235 | 235 | .. |
| Interest paid | 2,715 | 4,469 | 4,469 | .. |
| Interest received | 76 | 184 | 184 | .. |
| *Estimated year | ||||
1The 2017 estimate is based on results for the previous year and the information available on changes in volume and prices of agricultural products in 2017.
2The 2017 increase in product related taxes and subsidies in crop production, is a result of changes of regulations regarding agricultural taxes and subsidization.