The total production value of the agricultural sector for the year 2019 was 65 billion ISK at basic prices, i.e. including taxes and subsidies on product, according to preliminary figures1 and increased by 6.8% from the previous year. This increase is attributed to a 2.5% increase in volume and a 4.2% increase in prices compared to the year before. Value of animals and animal products was estimated at 43.1 billion ISK including product subsidies and taxes of 12.1 billion ISK.

Value of crop products was 17.5 billion ISK, including 667 million ISK in subsidies and taxes. Intermediate consumption of the agricultural industry was estimated at 42.5 billion ISK in 2019, or 4.2% higher than in the year before. This increase is attributed to a 1.9% drop in volume and a 6.2% increase in prices compared to the year before.

Agriculture performance 2017-2019
Current prices, million ISK 2017 2018 2019* % change between 2018/2019
Value of crop products 16,691 14,399 17,498 21.5
i.e. subsidies and taxes on production of crop products 604 519 667 28.5
Value of animal husbandry products 42,039 42,188 43,136 2.2
i.e. subsidies and taxes on production of animal husbandry 11,598 11,543 12,110 4.9
Income from agricultural services 293 309 327 5.8
Income from inseperable non-agricultural secondary activities 3,749 3,963 4,038 1.9
Total output value of the agricultural industry 62,772 60,859 65,000 6.8
Intermediate consumption 40,342 40,840 42,548 4.2
Gross value added 22,430 20,019 22,452 12.2
Fixed capital consumption 6,275 6,642 6,642 0.0
Net value added 16,154 13,377 15,810 18.2
Other subsidies on production 205 203 208 2.5
Other taxes on production 0 0 0 0
Factor income 16,359 13,580 16,018 18.0
Compensation of employees 6,511 6,406 6,792 6.0
Operating surplus/mixed income 9,848 7,174 9,226 28.6
Rents and other real estate charges to be paid 169 169 169 0.0
Interest paid 4,303 4,738 4,738 0.0
Interest received 198 188 188 0.0
Entrepreneurial income 5,574 2,455 4,507 83.6
*Estimated year

1The 2019 estimate is based on results for the previous year and the information available on changes in volume and prices of agricultural products in 2018.

Statistics