Please note that this press release was corrected 21 February 2017 at 13:35
According to preliminary figures for the year 2016, the total production value of the agricultural sector increased by 2.2% and was ISK 65.9 billion at basic prices. Intermediate consumption is estimated to have increased by 6.9 %, (ISK 44.3 billion).
Growth of the production in 2016 was more in volume change than prices.
The volume of intermediate consumption increased by approximately 5.9% and prices increased by 1.0%.
The total output of agriculture in 2015 was 64.6 billion ISK at basic prices based on updated data, a decrease of 2.4% from the previous year. This breaks down into an output volume increase of 0.1% and a price fall of 2.6%. The output value of crops, including intra-unit use of fodder plants was 17.0 billion ISK or 18.0% lower than in last year. The value of cereal production decreased by 46.1% from the previous year, potatoes by 1.9% and value of fodder plants by 22.2%. The value of vegetable and horticultural products increased by 2.6%. The output value of animal husbandry grew by 4.4% in 2015 and is estimated at ISK 43.8 billion. As before, the most important products are milk and mutton, with increases in production values of 7.2% and 7.8% respectively. The production value of pigs decreased by 1.6% while poultry increased by 9.8%.
Intermediate consumption decreased by 16.3%, to ISK 41.4 billion. The price index of intermediate consumption decreased by 1.8% and volume by 14.8%. 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.
| Agricultural development 2014-2016 | ||||
| In current price, million ISK | 2014 | 2015 | 2016* | % changes between 2015/2016 |
| Value of crop products | 20,753 | 17,023 | 17,807 | 4.6 |
| i.e. subsidies and taxes on production of crop products | 269 | 295 | 316 | 7 |
| Value of animal husbandry products | 41,960 | 43,807 | 44,343 | 1.2 |
| i.e. subsidies and taxes on production of animal husbandry | 10,098 | 10,336 | 10,766 | 4.2 |
| Income from agricultural services | 287 | 316 | 329 | 4.1 |
| Income from inseparable non-agricultural secondary activities | 3,190 | 3,425 | 3,513 | 2.6 |
| Total output value | 66,189 | 64,571 | 65,992 | 2.2 |
| Intermediate consumption | 49,507 | 41,425 | 44,286 | 6.9 |
| Gross value added | 16,682 | 23,146 | 21,706 | -6.2 |
| Fixed capital consumption | 5,251 | 5,468 | 4,526 | -17.2 |
| Net value added | 11,431 | 17,678 | 17,181 | -2.8 |
| Other subsidies on production | 181 | 195 | 205 | 5.3 |
| Other taxes on production | .. | .. | .. | .. |
| Factor income | 11,612 | 17,873 | 17386 | -2.7 |
| Compensation of employees | 5,022 | 4,855 | 5,310 | 9.4 |
| Operating surplus/mixed income | 6,590 | 13,018 | 12,076 | -7.2 |
| Rents and other real estate charges to be paid | 159 | 154 | 154 | .. |
| Interest paid | 3,502 | 2,715 | 2,715 | .. |
| Interest received | 98 | 76 | 76 | .. |