Teagasc today released their findings for last years National Farm survey.
These rates, released today by Teagasc, means the average income in the farming sector is down to 24,060.
The figures also show the return for farmers labour, capital employed in the business and return for the land also. Farm labour expense have been included for the first time ever in the National farm survey.
The fall in incomes are being blamed on last year’s lower crop yields and decreased crop prices.
Irelands Tillage Farmers were also affected with a decrease in earnings from last year. This was mainly due to last year’s poor crop yields, and price reductions on the cereal markets. They experienced a drop pf 10% in their earnings, down to €30,816 from last year.
The milk price was also noted to have decrease by almost 10%, this represents a near double reduction of 20% from the year 2015. This occurred despite the growth experienced in milk production levels.
The Teagasc run survey also found dairy farm income to have decreased by as much a s 17% with average incomes coming in at €51,809. The analysis completed also shows that 80% of dairy farms have increased milk production levels since the milk quota abolition in the EU.
The results in dairy farmer incomes show some gains were still received by the dairy sector despite price drops in 2016.
The National farm survey also reported that farmers continue to rely on direct payments, with averages for last year per farm amounting to €18,00. This made up almost three quarters of farm income and almost 100% of income on average livestock farms.