Farm income up by almost 50%, says Teagasc survey
The Teagasc National Farm Survey has indicated that average farm income increased by 48% in 2010. This follows last December’s advance estimate by the Central Statistics Office that farm income increased 46%, which was drastically reduced to 31.5% in March, in the second of the CSO’s three farm income reports issued each year.
Dr Thia Hennessy, head of the National Farm Survey said: “Dairy and tillage farmers benefited significantly from the recovery in global dairy product and grain markets. Incomes on these farms doubled from 2009 to 2010. However, there was little improvement in cattle and sheep incomes in 2010.”
Survey results also indicate that the number of farm households where the farmer and/or spouse works off the farm declined to less than 50%, for the first time since 2003. Almost 40% of farm businesses are not economically viable, and neither the farmer nor spouse works off the farm, according to the survey.
