Farm incomes across Ireland have gone down in 2016 as a result of lower milk prices and poorer crop yields.
According to the Teagasc National Farm Survey published yesterday (May 31), the average farm income fell by 9% in 2016, to €24,060.
Almost €690 million was invested by farmers in their businesses in 2016, of which over €245 million was invested on dairy farms, reported Irishtimes.ie.
Joe Healy, President, IFA said that 2016 was a difficult year for farmers, with low prices across almost all sectors.
“Dairy farmers experienced a drop of €10,000 or 17% in income, due to low milk prices in 2016. The Teagasc figures highlight the critical importance of the industry returning a strong price to farmers when the market can support it." Healy outlined.
Despite this news, according to the survey, the average farm income has remained reasonably steady in the last five years.
Looking ahead in 2017, dairy farms are poised to have a successful year with a positive income forecast.
© 2017 - Checkout Magazine by Patrick Lewers