The total production value of the agricultural sector for the year 2018 was 60.9 billion ISK at basic prices, i.e. including taxes and subsidies on product, and declined by 3.0% from the previous year. This decline is attributed to a 3.8% drop in volume and a 0.8% increase in prices, compared with the year before.

Value of animals and animal products is estimated to be 42.2 billion ISK, including product subsidies and taxes of 11.5 billion ISK. Value of crop products is 14.4 billion ISK, including 519 million ISK in subsidies and taxes. Intermediate consumption of the agricultural industry is estimated to be 40.8 billion ISK in 2018, or 1.2% higher than in the year before. This increase is attributed to a 4.3% drop in volume and a 5.1% increase in prices, compared with the year before.

Agriculture performance 2016-2018
Current prices, million ISK 2016 2017 2018 % change between 2017/2018
Value of crop products 16,121 16,691 14,399 -13.7
i.e. subsidies and taxes on production of crop products1 118 604 519 -14.1
Value of animal husbandry products 42,538 42,039 42,188 0.4
i.e. subsidies and taxes on production of animal husbandry 10,574 11,598 11,543 -0.5
Income from agricultural services 334 293 309 5.5
Income from inseperable non-agricultural secondary activities 4,084 3,749 3,963 5.7
Total output value of the agricultural industry 63,077 62,772 60,859 -3.0
Intermediate consumption 40,674 40,342 40,840 1.2
Gross value added 22,403 22,430 20,019 -10.7
Fixed capital consumption 5,554 6,275 6,642 5.8
Net value added 16,849 16,154 13,377 -17.2
Other subsidies on production 186 205 203 -1.0
Other taxes on production 0 0 0 0
Factor income 17,035 16,359 13,580 -17.0
Compensation of employees 6,186 6,511 6,406 -1.6
Operating surplus/mixed income 10,849 9,848 7,174 -27.2
Rents and other real estate charges to be paid 235 169 169 0.0
Interest paid 4,469 4,303 4,738 10.1
Interest received 184 198 188 -5.1
Entrepreneurial income 6,329 5,574 2,455 -56.0

12017 increase in product related taxes and subsidies in crop production is a result of changes of regulations regarding agricultural taxes and subsidization in 2017.

Statistics