The total production value of the agricultural sector for the year 2018 was 60.9 billion ISK at basic prices, i.e. including taxes and subsidies on product, and declined by 3.0% from the previous year. This decline is attributed to a 3.8% drop in volume and a 0.8% increase in prices, compared with the year before.
Value of animals and animal products is estimated to be 42.2 billion ISK, including product subsidies and taxes of 11.5 billion ISK. Value of crop products is 14.4 billion ISK, including 519 million ISK in subsidies and taxes. Intermediate consumption of the agricultural industry is estimated to be 40.8 billion ISK in 2018, or 1.2% higher than in the year before. This increase is attributed to a 4.3% drop in volume and a 5.1% increase in prices, compared with the year before.
| Agriculture performance 2016-2018 | ||||
| Current prices, million ISK | 2016 | 2017 | 2018 | % change between 2017/2018 |
| Value of crop products | 16,121 | 16,691 | 14,399 | -13.7 |
| i.e. subsidies and taxes on production of crop products1 | 118 | 604 | 519 | -14.1 |
| Value of animal husbandry products | 42,538 | 42,039 | 42,188 | 0.4 |
| i.e. subsidies and taxes on production of animal husbandry | 10,574 | 11,598 | 11,543 | -0.5 |
| Income from agricultural services | 334 | 293 | 309 | 5.5 |
| Income from inseperable non-agricultural secondary activities | 4,084 | 3,749 | 3,963 | 5.7 |
| Total output value of the agricultural industry | 63,077 | 62,772 | 60,859 | -3.0 |
| Intermediate consumption | 40,674 | 40,342 | 40,840 | 1.2 |
| Gross value added | 22,403 | 22,430 | 20,019 | -10.7 |
| Fixed capital consumption | 5,554 | 6,275 | 6,642 | 5.8 |
| Net value added | 16,849 | 16,154 | 13,377 | -17.2 |
| Other subsidies on production | 186 | 205 | 203 | -1.0 |
| Other taxes on production | 0 | 0 | 0 | 0 |
| Factor income | 17,035 | 16,359 | 13,580 | -17.0 |
| Compensation of employees | 6,186 | 6,511 | 6,406 | -1.6 |
| Operating surplus/mixed income | 10,849 | 9,848 | 7,174 | -27.2 |
| Rents and other real estate charges to be paid | 235 | 169 | 169 | 0.0 |
| Interest paid | 4,469 | 4,303 | 4,738 | 10.1 |
| Interest received | 184 | 198 | 188 | -5.1 |
| Entrepreneurial income | 6,329 | 5,574 | 2,455 | -56.0 |
12017 increase in product related taxes and subsidies in crop production is a result of changes of regulations regarding agricultural taxes and subsidization in 2017.