Lower Farm Incomes Expected In 2012-13

Provisional estimates for average farm business income for 2012-13 suggest that it will fall across the board due to the poor growing season and harvest. Higher output prices in the cropping sector are expected to only partially offset lower yields and quality. Higher costs are also expected to lower incomes especially in the livestock sector. The single payment was 10% lower on average than the previous year due to the strengthening of the pound against the euro.