Friday, 10 May 2019
Total Income from Farming (TIFF) fell by £929 million (17%) to £4,697 million.
The main drivers of change in 2018 came as a result of the challenging weather conditions.
While the cold, wet spring followed by the hot dry summer contributed to lower crop yields, improved commodity prices helped offset lower production yields, resulting in crop output value increasing by 2% to 9,388 million.
A similar situation was seen with livestock. Although the adverse weather affected volumes, due to disrupted lambing and poor grass growth, prices were generally higher, resulting in a rise in total livestock output by 3% to £14,800 million.
Despite the total value of production remaining high, the decline in TIFF by 17% to £4,697 million was a result of higher input prices pushing up the cost of production. Main contributors were animal feed (+£509 million), fertilisers (+£116 million) and, energy and labour costs (+£110 million each).