It is estimated that the total production value of the agricultural industry in 2024 will amount to 93 billion ISK, an increase of 4% from 2023. It is estimated that 66% of the production value fall into animal husbandry and 25% to the crop productions.
It is expected that the intermediate consumption will be 61 billion ISK in 2024, an increase of 3% from the previous year. The intermediate consumption will be about 65% 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 2023 and available information on changes in volume and prices of agricultural products in the year 2024.
Production value 90 billion ISK in 2023
The total production value of the agricultural industry was estimated at 90 billion ISK in 2023. Animal husbandry, i.e. production of animals and animal products, accounts for 65% of the total production value, while the value of crop products accounts for 27%. 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 9% from the previous year. The increase can be attributed to higher producer prices.
The intermediate consumption was estimated at 59 billion ISK in 2023, an increase of 10% from the previous year. It is the largest item of expenditure and accounts for 66% of the production value.