ONLY dairying across the Irish farming sectors continues to provide an income return above the national average salary, the latest figures from the Teagasc 2024 Incomes Survey indicate.

After a bad year in 2023 – when dairy farm income dropped to €50,667 – it recorded a 113% increase last year with an average income of €108,189.

However, dairying was the only farming enterprise across the country, where the income returns were above the average salary paid to Irish workers – a figure that stands at almost €51,000 as per the third quarter of 2024, according to CSO [Central Statistics Office] figures.

Even tillage farmers – the second most profitable agricultural enterprise in Ireland – returned an income of just €38,685, although this represented an increase of just over 100% on the 2023 figure.  A lift in sheep prices through 2024 also delivered a better  return with an average income of €27,796 as compared to just €12,953 in 2023.

Second from bottom in the income league for Irish farmers were the ‘cattle other’ category – beef finishers and store cattle enterprises – with an average income of €18,101, up 32% from the €13,737 return in 2023.

The preliminary results from the Teagasc National Farm Survey 2024 also showed a 93% income increase in ‘cattle rearing farms’ – essentially suckler operators – with a return in 2024 of €13,547 as compared to just over €7,000 in 2023.

Teagasc economists use the Farm Family Income [FFI] methodology to calculate income, representing the total return to family labour, management and capital investment in the farm business across the different sectors.

In a report summary, Teagasc said that across all farm systems, the average family farm income rose to just €36,000 in 2024, an increase of 87% as compared to 2023.

“The widespread nature of the income recovery highlights how improved output prices, favourable weather, support payments and some easing of costs can support farm viability.

“At 42%, the proportion of farms categorised as economically viable in 2024 was one of the highest on record,” the Teagasc economists state.

In a reaction to the latest income figures, IFA President Francie Gorman, welcomed the preliminary results of the Teagasc Survey, which showed a substantial increase in family farm incomes compared with 2023.  However, he said that 2023 was an historically difficult year, making the increase in average income seem more significant than is actually the case.

“It’s good to see farm incomes bounce back after the difficulties of 2023. But it is worth bearing in mind that the 2024 average farm income is still about 14% lower than 2022 levels.

“The preliminary results of the National Farm Survey also re-emphasise the importance of direct payments to our more vulnerable sectors and highlights the need to ensure that the CAP budget is protected and increased within the next EU budget.

“That is why it is essential that our Government, and in particular our Minister for Agriculture, do everything in their power to ensure the CAP budget is ringfenced and increased as part of the next overall EU budget,” Francie Gorman stated.

Pictured:  IFA President Francie Gorman