A SURGE in milk prices coupled with major increases in output, gave Ireland’s 15,639 dairy farmers an average annual income of just over €86,000 in 2017, the latest Teagasc farm incomes have revealed.
Through 2017, milk prices rose by 32% as compared to 2016, leading to a 65% year-on-year increase for Irish dairy farmers.
The average income for Irish dairy farmers in 2017 was €86,115 – as well as the price surge, gross output also rose by over one third (37%) across the dairy sector.
With more milk being produced on Irish dairy farms, overheads also increased in most areas of production including labour.
“Overhead costs also increased in 2017, with a significant increase in hired labour costs in particular, which was up 25% compared to 2016.
“In addition, costs in relation to maintenance almost doubled and machinery operating costs were also up by 8%,” the Teagasc National Farm Survey for 2017 stated.
For more, read this week’s Connacht Tribune.