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|
|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||..|
|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|
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.