According to the preliminary results from Statistics Iceland for 2013, the total production value of Iceland’s agricultural sector increased by 4.3 percent and was ISK 61.5 billion (USD 535 million, EUR 393 million) at basic prices. Intermediate consumption is estimated to have increased by 4.7 percent, to ISK 44.2 billion, (USD 365 million, EUR 270 million).
The total output of agriculture in 2012 is estimated at ISK 59 billion (USD 513 million, EUR 378 million) at basic prices, an increase of 11.1 percent from the previous year. This breaks down into an output volume increase of 2.7 percent and a price rise of 8.2 percent. The output value of crops, including intra-unit use of fodder plants was 17.7 percent higher than last year. The value of the cereal production increased by 59.4 percent from the previous year, fodder plants by 17.1 percent, vegetable and horticultural products by 8.3 percent and potatoes by 27.6 percent.
The output value of animal husbandry grew by 9.1 percent in 2012. As before, the most important products are milk and mutton, with increases in production values of 5 percent and 7.5 percent respectively.
The increase in the price of imported cereals is an important factor in the growth of intermediate consumption, due to the direct effect on purchased fodder as well as the indirect effect on the valuation of home-produced forage plants, according to Statistics Iceland.