Farm incomes set to fall sharply in 2015

Income could drop by 25% in the new year, following an estimated 2% dip this year.

Average farm incomes are expected to fall significantly in 2015 after being largely stable in 2014, according to Teagasc economists writing in their annual review. The economists predict a mixed bag in possible income developments in the farming sectors.

An anticipated sharp decline in prices, reflecting developments on global dairy markets, will see the average income earned in milk production reduced substantially.