The Central Statistics Office (CSO) has released its final estimate for 2023, revealing a 39% decrease in the Irish agricultural operating surplus, now standing at €2.9 billion. This downturn is further exacerbated when considering a 97% increase in net interest payments, amounting to an additional €66 million, and a 15% hike in land rental costs, which added €81 million. Consequently, the agricultural entrepreneurial income witnessed a 49% reduction, settling at €2.1 billion.
In 2023, potato production value increased by 30% to €220 million, despite a 9% fall in volume, thanks to a 43% price surge. Fresh vegetables and livestock also saw modest gains in value. On the input side, intermediate consumption costs decreased by 2% to €7.8 billion, mainly due to a significant reduction in fertiliser costs, which dropped by €400 million. While seed and forage plant expenses rose, veterinary and crop protection costs increased modestly, and feeding stuffs expenditures slightly declined.
Mairead Griffin, a statistician at the CSO, highlighted the sharper than anticipated fall in agricultural income for 2023, with both agricultural output value and intermediate consumption costs experiencing less severe declines than initial estimates suggested. The report also noted a 57% reduction in Financial Intermediation Services Indirectly Measured (FISIM) revenue, though this was overshadowed by the substantial rise in net interest payments.
Source: Agriland