The total production value of the agricultural sector for the year 2019 was 65 billion ISK at basic prices, i.e. including taxes and subsidies on product, according to preliminary figures1 and increased by 6.8% from the previous year. This increase is attributed to a 2.5% increase in volume and a 4.2% increase in prices compared to the year before. Value of animals and animal products was estimated at 43.1 billion ISK including product subsidies and taxes of 12.1 billion ISK.
Value of crop products was 17.5 billion ISK, including 667 million ISK in subsidies and taxes. Intermediate consumption of the agricultural industry was estimated at 42.5 billion ISK in 2019, or 4.2% higher than in the year before. This increase is attributed to a 1.9% drop in volume and a 6.2% increase in prices compared to the year before.
| Agriculture performance 2017-2019 | ||||
| Current prices, million ISK | 2017 | 2018 | 2019* | % change between 2018/2019 |
| Value of crop products | 16,691 | 14,399 | 17,498 | 21.5 |
| i.e. subsidies and taxes on production of crop products | 604 | 519 | 667 | 28.5 |
| Value of animal husbandry products | 42,039 | 42,188 | 43,136 | 2.2 |
| i.e. subsidies and taxes on production of animal husbandry | 11,598 | 11,543 | 12,110 | 4.9 |
| Income from agricultural services | 293 | 309 | 327 | 5.8 |
| Income from inseperable non-agricultural secondary activities | 3,749 | 3,963 | 4,038 | 1.9 |
| Total output value of the agricultural industry | 62,772 | 60,859 | 65,000 | 6.8 |
| Intermediate consumption | 40,342 | 40,840 | 42,548 | 4.2 |
| Gross value added | 22,430 | 20,019 | 22,452 | 12.2 |
| Fixed capital consumption | 6,275 | 6,642 | 6,642 | 0.0 |
| Net value added | 16,154 | 13,377 | 15,810 | 18.2 |
| Other subsidies on production | 205 | 203 | 208 | 2.5 |
| Other taxes on production | 0 | 0 | 0 | 0 |
| Factor income | 16,359 | 13,580 | 16,018 | 18.0 |
| Compensation of employees | 6,511 | 6,406 | 6,792 | 6.0 |
| Operating surplus/mixed income | 9,848 | 7,174 | 9,226 | 28.6 |
| Rents and other real estate charges to be paid | 169 | 169 | 169 | 0.0 |
| Interest paid | 4,303 | 4,738 | 4,738 | 0.0 |
| Interest received | 198 | 188 | 188 | 0.0 |
| Entrepreneurial income | 5,574 | 2,455 | 4,507 | 83.6 |
| *Estimated year | ||||
1The 2019 estimate is based on results for the previous year and the information available on changes in volume and prices of agricultural products in 2018.