Increase in Farm Family Incomes Welcome, But Vulnerable Sectors Still Struggling

IFA President Francie Gorman has welcomed the preliminary results of the Teagasc National Farm Survey, which show a substantial increase in family farm incomes compared with 2023.

However, he cautioned that 2023 was a 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,” Francie Gorman outlined.  

Average family farm income for 2024 is estimated to be €34,321, which is well below the average industrial wage.

Also, there is a huge range in incomes across the sectors. The tillage and, in particular, the drystock sectors remain under pressure with average incomes for beef farmers ranging from just over €18,000 for suckler farmers to €23,573 for non-suckler beef farmers.

“Despite the increase, average family farm incomes in our vulnerable sectors are still at a very low level with only about 30% of our cattle farms, 37% of our sheep farms and 57% of our tillage farms viable according to Teagasc,” the IFA President continued.  

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.

“The results show that, despite the increase, direct payments still constituted 84% of tillage farm income, over 100% of sheep farm income and over 130% of suckler farm income. It also shows that Pillar 2 payments made up over half of total direct payments.”

“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 concluded.