Agricultural Economist Emma Dillon joins Emma-Louise Coffey with the results of the Teagasc National Farm Survey highlighting that although incomes declines by 30% in 2018 compared with 2017, incomes remained substantial at €61,000.
Emma explains there were many factors at play, namely 2017 dairy income being at a record high, high production costs in 2018 including additional feed and workload.
She compared the dairy sector with other farming enterprises and explains that the dairy sector remains dominant. Dairy farmers continue to make the most profit, accounting for 17% of farms included in the national farm survey but 50% of the total income. Furthermore, dairy farmers have a low reliance on direct payments, accounting for 34% of total income in 2018.