Farming News - UK farm income increases by 16%
UK farm income increases by 16%
The latest figures released today show the Total Income from Farming in the UK is expected to increase by 16% in 2019.
The Total Income from Farming is expected to be £5,380 million for 2019, which is a £736 million increase compared to 2018.
Agriculture is expected to contribute £10,535 million to the national economy this year, an increase of £987 million (+10%) compared to last year.
The main drivers for these changes are an increase in the value of crop and livestock output. This was mainly driven by high levels of production, particularly for cereals, with prices generally remaining stable. In summary:
- The value of crop output is estimated to have risen by £1,051 million (+11%) to £10,315 million.
- The value of livestock output is estimated to have risen by £80 million (+1%) to £14,820 million.
- The value of intermediate consumption is estimated to have risen by £188 million (+1%) to £17,202 million.
A further breakdown on the statistics can be found on GOV.UK. The figures are an estimation of the total profit for all UK farming businesses in the 2019 calendar year.