There was a substantial recovery in family farm incomes across all types of farming last year, according to a new report from Teagasc.
The State agency’s 2024 National Farm Survey shows that “following an extremely difficult year in 2023” the average family farm income rose by 87% to just under €36,000.
The report says the increase was driven by a combination of improved farm output prices, some easing in input costs, and additional CAP payments.
Sheep farm incomes saw the biggest improvement last year in percentage terms, increasing by 115% – from €12,953 in 2023 to €27,796 in 2024.
Higher lamb prices were a big factor in the jump.
Dairy incomes also more than doubled (increasing by 113% – from €50,677 in 2023 to €108,189 in 2024).
While incomes in the tillage sector were 101% higher at €38,685.
In its findings, Teagasc noted that while there were significant income rises year-on-year in 2024, this followed an especially poor year for incomes in 2023.
Overall average farm incomes for last year were still considerably lower when compared with 2022 (€46,313 in 2022 vs €35,937 in 2024).
