Don’t spend it all in one shop
Firstly, it is based on the Central Statistics Office’s advance estimate of output, input and income in agriculture, Twelve months ago, their advance estimate was a 46% rise in farm incomes, but that was cut back to 31.5% in their second estimate, and to 28% in the final estimate.
Already, their advance estimate of a one third rise has been cut back to one fifth by experts in Teagasc. They explained that some subsidy payments which were due to be paid in 2010 were delayed, and not paid until 2011. For statistical reasons, these delayed payments must form part of the 2011 income calculation. This lowered the income figure for 2010, increased the income figure for 2011, and inflated the overall increase in agricultural income in 2011. Making a correction to account for this payment timing issue, Teagasc estimates that the actual increase in incomes in 2011 over those in 2010 is closer to 20%.
