Defra released the first estimates of total income from farming (TIFF) recently and it is reported to have risen by £708m or 13% in real terms between 2012 and 2013 to £5,464m. In terms of annual work units (AWU) of entrepreneurial labour the increase was 15% in real terms to £28,426 in 2013. The difference is due to a decline in the numbers of farmers and other unpaid workers.
Key contributors to the increase were milk by £505m, potatoes by £210m, and barley by £199m. The increases were offset by a decrease in value of oilseeds of £245m and an increase in the cost of animal feed of £740m.
Agriculture's contribution to GDP measures as gross value added at basic price increased by 7% or £604m to £9,222m. Intermediate consumption increased by £892m to £16,492m mainly due to an increase in the price of animal feed an additional increase in the value of seed. There was a reduction in the number of employees but a small increase in pay of £23m to compensate. The total compensation of employees in 2013 was £2,379m.
Compared to 1994 total income from farming per AWU of entrepreneurial labour has increased by 10% compared to a 15% fall in total income from farming.
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