Farming incomes rose an estimated 45% in 2017, says Defra
PUBLISHED: 06:20 23 February 2018 | UPDATED: 06:20 23 February 2018
The government estimates the UK’s farming income rose by 45pc in 2017, driven by good harvests and price rises.
Defra’s statistics on total income from farming (TIFF) track the total profit from all UK farming businesses in a calendar year, measuring the return on management, labour and capital invested.
The forecast estimates for 2017 show TIFF at £5,345m – an increase of £1,663m (45pc) compared to 2016 – with agriculture contributing £9,914m to the national economy (Gross Value Added), an increase of £1,677m (20pc).
The report says the main reasons for this change include a 13pc increase in crop output, driven by increases in both prices and production for cereals and industrial crops. A 7pc increase in livestock for meat was also driven by price increases, and a 19pc increase in livestock products was driven by a rising milk price.
Defra says this early estimate is produced to meet European Commission requirements before all data for 2017 is available, so it “cannot be produced with the same statistical reliability” as later estimates, which are to be published in April and December.