Irish Agricultural Entrepreneurial Income Surges by 73% in 2024

Higher milk prices, rising livestock and crop values, as well as a fall in the cost of fertiliser, saw agricultural entrepreneurial income increase by 73% last year - from €1.5 billion to €3.5 billion.

New figures from the Central Statistics Office show that due to the increased value of outputs, the value of agricultural output at basic prices for 2024 went up by 9%, or €1 billion, to €12.5 billion.

Milk accounted for almost a third of this figure, with milk prices up by 17%, and its value up by 16% - an increase of €575m - to €4.1 billion.

Meanwhile, the CSO says the overall value of livestock in 2024 rose by 4%m, or €186m, primarily due to stronger prices.

The volume of cattle produced was down 3% but higher prices saw their value grow by 2%, or €51mn). Sheep values were up 12% (€43m) as prices grew by 18%.

Pigs and poultry were the only categories of livestock that experienced lower prices last year, with both down by 1%.

However, with pig production volume up by 8%, their overall value grew by €42m to €710m.

The CSO figures also show crop values experienced growth in 2024, increasing by 7% to €2.8 billion despite volumes falling by 5%.

Cereals increased by 11% (€37m) because of higher volumes. Potato values rose by 21% (€45m) to €264m, with larger volumes accounting for 12% of this growth.

Cheaper fertiliser drives lower costs for farming

On the costs front, the CSO says that intermediate consumption costs fell by 4% last year - showing a €290m drop to €7.7 billion.

The fall was mainly due to the reduced cost of fertilisers and feeding stuffs.

Expenditure on fertilisers fell by 26% (€216m) due to 29% lower prices, while a 13% drop in prices also caused the cost of feeding stuffs to fall by 7% (€148m) to €2.1 billion.

According to the CSO, subsidies continued to play an important role in farm incomes in 2024, with the value of subsidies on products growing by 28% to €109m - while \"other subsidies less taxes on production\" rose by 24% to nearly €2 billion.

Commenting on the latest findings, CSO Statistician in the Agriculture Accounts & Production Section Mairead Griffin said the estimate \"shows that while agricultural incomes have not yet recovered to their 2022 levels, they are significantly higher than they were in 2023 mainly due to higher output prices and lower costs\".

\"As milk accounts for one third of the value of Irish agricultural output at basic prices and cattle a further 25%, movements in their prices have a significant impact on agricultural incomes,\" she said.

\"Similarly, as feeding stuffs accounted for 28% of all intermediate consumption costs and fertilisers a further 8%, reductions in their prices of 13% and 29% respectively were the main driver in the overall drop of 4% in intermediate costs,\" she added.