The total production value of the agricultural sector for the year 2017 was ISK 62.8 billion at basic prices, i.e. including subsidies on product but without taxes, and declined by 0.5% from the previous year. This decline is attributed to a 5.1% decline in prices and 4.9% incline in volume, compared with the year before.

Value of animals and animal products is ISK 42.0 billion, including product subsidies and taxes of ISK 11.6 billion. Value of crop products was 16.7 billion, including ISK 604 million in subsidies and taxes 1. Intermediate consumption of the agricultural industry is 40.3 billion in 2017, or 0.8% 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 16,691 3.5
i.e. subsidies and taxes on production of crop products 295 118 604 411.9
Value of animal husbandry products 43,807 42,538 42,039 -1.2
i.e. subsidies and taxes on production of animal husbandr 10,336 10,574 11,598 9.7
Income from agricultural services 316 334 293 -12.3
Income from inseperable non-agricultural secondary activities 3,425 4,084 3,749 -8.2
Total output value of the agricultural industry 64,571 63,077 62,772 -0.5
Intermediate consumption 41,425 40,674 40,342 -0.8
Gross value added 23,146 22,403 22,430 0.1
Fixed capital consumption 5,468 5,554 6,275 13.0
Net value added 17,678 16,849 16,154 -4.1
Other subsidies on production 195 186 205 10.2
Other taxes on production 0 0 0 ..
Factor income 17,873 17,035 16,359 -4.0
Compensation of employees 4,855 6,186 6,511 5.3
Operating surplus/mixed income 13,018 10,849 9,848 -9.2
Rents and other real estate charges to be paid 154 235 169 -28.1
Interest paid 3,652 4,469 4,303 -3.7
Interest received 76 184 198 7.6
Entrepreneurial income 9,287 6,329 5,574 -11.9

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