Value of milk production forecast to drop by €1.4bn in 2023
With just a marginal fall in production volumes, the price has dropped by almost 27% this year.
The value of milk production is forecast to contract by almost €1.4bn to €3.6bn in 2023, CSO figures show.
With just a marginal fall in production volumes, the price has dropped by almost 27% this year.
The value of crops is estimated to fall by 11% (€299m) in 2023 to €2.3bn, and cereal values are expected to drop by 48% (€333m) to €362m due to the combined impact of prices falling by a third, and lower yields due to unfavourable weather at key times during the cereal growing season.
The CSO does not envisage any great change in the overall value of livestock, which is estimated to be up by about 1% to €4.6bn, although until closing stocks and end-of-year prices are available, these figures are subject to change.
Cattle and sheep values are expected to be down by about 1% and 2% respectively.
Despite lower volumes, pig values are expected to be up by 12% to €694m due to prices increasing by 22%.
Poultry values are forecast to grow by 11% to €226m due to the combined impact of prices rising by almost 6% and volumes also increasing.
Overall, the value of agricultural output at basic prices is expected to fall by 12% (€1.6bn) to €11.3bn this year.
Intermediate consumption costs are expected to fall by 5% to €7.5bn.
The cost of fertilisers is expected to drop by almost a third to €824m, with it estimated that average prices for 2023 will decline by 22% and volumes are also set to contract.
It is currently estimated that the cost of energy and lubricants will fall by 5% to €605m.
Operating surplus is expected to decrease by 32% to just under €3.2bn in 2023.
