Farming incomes fall by one-third
Published 19/06/2010 | 05:00
Farm incomes collapsed by one-third in 2009, new figures show, writes Ailish O'Hora.
They were dragged down by a slump in dairy, grain and livestock prices.
The value of goods produced in the sector fell by over €1bn last year, according to the latest numbers from the Central Statistics Office.
The one-third drop is much higher than the European average fall of 20pc for the same period.
Agricultural prices have been falling since they peaked in 2007. Orders from emerging markets like China and India fuelled the boom alongside speculation by market traders, but the economic downturn has meant a reduction in overall demand.
The CSO figures show that the value of cereals took the biggest hit last year, falling by 45.7pc or €90m. It was followed by milk, cattle and pigs, which all recorded drops.