Statistics Iceland now publishes the Economic Accounts for Agriculture for the second time. The original compilation of the EEA was financed by an IPA grant received from the European Union but the present work is now financed by the Icelandic government.  Older data has in some cases been revised due to methodology improvements and access to new or better data.

Estimated accounts for the recently finished year are now also published for the first time. It should be stressed that these are preliminary estimates based on 2012 final results and currently available information on volume and price changes for 2013. Final results for 2013 will be available towards the end of 2014.

According to the preliminary results for 2013, the total production value of the agricultural sector increased by 4.3% and was ISK 61.5 billion at basic prices. Intermediate consumption is estimated to have increased by 4.7%, to ISK 44.2 billion.

The volume change of the production in 2013 appears negligible and the growth stems virtually exclusively from changes in prices. The volume of intermediate consumption decreases approximately by 1% and prices increase by 5.8%.

The total output of agriculture 2012 is estimated at ISK 59 billion at basic prices, an increase of 11.1% from the previous year. This breaks down into an output volume increase of 2.7% and a price rise of 8.2%. The output value of crops, including intra-unit use of fodder plants was 16.9 billion ISK or 17.7% higher than last year. The value of the cereal production increased by 59.4% from the previous year, fodder plants by 17.1%, vegetable and horticultural products by 8.3% and potatoes by 27.6%. The output value of animal husbandry grew by 9.1% in 2012 and is estimated at ISK 39.1 billion. As before, the most important products are milk and mutton, with increases in production values of 5% and 7.5% respectively.

Intermediate consumption increased by 13.7%, to ISK 42.2 billion. The volume of intermediate consumption rose by 3.9%, somewhat morre than the volume increase in production. The most important item in the intermediate consumption in Icelandic agriculture is forage use, weighing up to about half. As is the case for the production results, this includes the estimated value of home-grown fodder. The increase in price of imported cereals is an important factor in the growth of intermediate consumption, due to the direct effect on purchased fodder as well as the indirect effect on the valuation of home-produced forage plants.

Agricultural development 2007-2013      
% change from preceding year in each year's prices. 2011 2012 2013
Value of crop products 9.1 17.7 8.4
Value of animal husbandry products 13.3 9.1 2.5
Income from agricultural services 12.2 6.6 -4.2
Income from inseparable non-agricultural secondary activities 17.8 1.8 5.5
Total output value 12.3 11.1 4.3
Intermediate consumption 10.9 13.7 4.7
Gross value added 15.7 4.9 3.2
Fixed capital consumption 0.3 2.5 -1.6
Net value added 20.7 5.5 4.5
Other subsidies on production -69.0 -8.0 3.8
Other taxes on production
Factor income 15.9 5.3 4.5
Compensation of employees 10.1 8.3 8.5
Operating surplus/mixed income 18.9 4.0 2.5
Rents and other real estate charges to be paid -5.7 9.9 0.0
Interest paid 1.2 -6.7 0.0
Interest received 17.5 -19.1 0.0