This is the 184th most frequent Icelandic word.
miðað
"miðað" - "compared to" or "considering."
In this sentence, "miðað við" identifies a context or standard against which something is compared.
Hann náði góðu miðað við aðstæður.
He did well given the circumstances.
"Miðað við" serves here to compare two situations—the current and previous years.
Miðað við fyrri ár, hefur salan aukist mikið.
Compared to previous years, sales have increased significantly.
Here, "miðað" is used as a preposition meaning "considering" or "given".