Agri operating surplus increased to €4.3bn last year - CSO

The agricultural operating surplus value increased by 58% to €4.3 billion in 2024, figures show.

The Central Statistics Office (CSO) has published its final estimate figures on agricultural output, input and income in 2024.

The value of most agricultural outputs increased last year while input costs fell. As a result, the value of the agricultural operating surplus increased by €1.6 billion, the CSO said.

When the impact of net interest payments and land rental costs are factored in, the growth in entrepreneurial income was up 73% (€1.5 billion) to €3.5 billion.

Due to the increased value of outputs, most notably milk, the value of agricultural output at basic prices went up by 9%, or by €1 billion, to €12.5 billion.

Milk accounted for one-third of the value of agricultural output at basic prices. With milk prices up by 17%, its value rose by 16% (€575 million) to €4.1 billion, the CSO figures show.

The overall value of livestock rose by 4% or €186 million, primarily due to stronger prices.

The volume of cattle produced was down 3% but higher prices saw their value grow by 2% (€51 million).

Sheep values were up 12% (€43 million) as prices grew by 18%.

Pigs and poultry were the only categories of livestock that experienced lower prices, with both down by 1%, according to the CSO figures.

However, with the volume of pig production up by 8%, their overall value grew by €42 million to €710 million.

Crop values also experienced growth in 2024, increasing by 7% to €2.8 billion despite volumes falling by 5%.

Cereals were up by 11% (€37 million) because of higher volumes.

Potato values rose by 21% (€45 million) to €264 million, with larger volumes accounting for 12% of this growth.  

Mairead Griffin, statistician in the agriculture accounts and production section of the CSO, said that the 2024 estimate shows that while agricultural incomes have not yet recovered to their 2022 levels, they are significantly higher than they were in 2023 mainly due to higher output prices and lower costs.

"As milk accounts for one-third of the value of Irish agricultural output at basic prices and cattle a further 25%, movements in their prices have a significant impact on agricultural incomes," Griffin explained.

"Similarly, as feeding stuffs accounted for 28% of all intermediate consumption costs and fertilisers a further 8%, reductions in their prices of 13% and 29% respectively were the main driver in the overall drop of 4% in intermediate costs."

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Intermediate consumption costs fell by €290 million to €7.7 billion in 2024.

The most significant reduction was in the cost of fertilisers, which fell by €216 million (26%) as lower prices (29%) negated the impact of higher volumes, the CSO figures show.

The cost of feeding stuffs fell by 7% or €148 million due to lower prices while expenditure on energy and lubricants decreased by 5%, also because of lower prices.

Although many costs fell, some did increase, including the cost of contract work, which grew by €57 million or 9%, according to the CSO figures.

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