It is estimated that the total production value of the agricultural industry in 2025 will amount to 100 billion ISK, an increase of 7% from 2024. It is estimated that 64% of the production value fall into animal husbandry and 27% to the crop productions.
The value of crop production increased by 14% from 2024, which can be largely attributed to increased harvests as the weather conditions in the summer and autumn of 2025 were much better than the previous year.
It is expected that the intermediate consumption will be 68 billion ISK in 2025, an increase of 10% from the previous year. The intermediate consumption will be about 67% of the total production value of agriculture, which is similar percentage to last year. It should be noted that the estimate of the intermediate consumption is subject to some uncertainty and, consequently, the share of other expenditure items as well.
The estimate is based on the final assessment for the year 2024 and available information on changes in volume and prices of agricultural products in the year 2025.
Production value 94 billion ISK in 2024
The total production value of the agricultural industry was estimated at 94 billion ISK in 2024. Animal husbandry, i.e. production of animals and animal products, accounts for 66% of the total production value, while the value of crop products accounts for 26%. Income from agricultural services and inseparable non-agricultural secondary activities account for 1% and 8% respectively.
The total production value of the agricultural industry increased by 5% from the previous year.
The intermediate consumption was estimated at 61 billion ISK in 2024, an increase of 4% from the previous year. It is the largest item of expenditure and accounts for 66% of the production value.