The value of most agricultural outputs increased in 2024 while input costs fell. As a result, the value of Agricultural Operating Surplus increased by 58% (+€1.6bn) to €4.3bn. When the impact of Net Interest payments and Land Rental costs are factored in, the growth in Entrepreneurial Income was 73% (+€1.5bn) to €3.5bn.
Due to the increased value of outputs, most notably Milk, the value of Agricultural Output at Basic Prices went up by 9%, or by €1.0bn, to €12.5bn.
Milk accounted for one-third of the value of Agricultural Output at Basic Prices. With Milk prices up by 17%, its value rose by 16% (+€575m) to €4.1bn.
The overall value of Livestock rose by 4% (+€186m), primarily due to stronger prices. The volume of Cattle produced was down 3% but higher prices saw their value grow by 2% (+€51m). Sheep values were up 12% (+€43m) as prices grew by 18%.
Pigs and Poultry were the only categories of livestock that experienced lower prices, with both down by 1%. However, with the volume of Pig production up by 8%, their overall value grew by €42m to €710m.
Crop values also experienced growth in 2024, increasing by 7% to €2.8bn despite volumes falling by 5%. Cereals were up by 11% (+€37m) because of higher volumes. Potato values rose by 21% (+€45m) to €264m, with larger volumes accounting for 12% of this growth.
Intermediate Consumption costs decreased by 4% (-€290m) to €7.7bn in 2024. This drop was mainly due to the reduced cost of fertilisers and feeding stuffs. Expenditure on Fertilisers fell by 26% (-€216m) due to lower prices (-29%), while a drop in prices (-13%) also caused the cost of Feeding Stuffs to fall by 7% (-€148m) to €2.1bn.
Subsidies continued to play an important role in farm incomes. The value of Subsidies on Products grew by 28% (+€24m) to €109m while Other Subsidies less Taxes on Production rose by 24% (+€382m) to almost €2.0bn in 2024.
In conjunction with routine revisions, this release also incorporates changes identified by the CSO’s Farm Structure Survey (FSS) 2023 to the number of farms by size class and type. As these numbers are used to gross sample data to the total population of Irish farms, they have resulted in some revisions to the previously published 2023 results. The FSS also identified changes in the number of people employed on Irish Farms.
In addition to routine revisions and those resulting from the incorporation of the FSS 2023 results, the methodology and data sources used to calculate Net Interest and the cost of FISIM have also changed, resulting in revisions to these data back to 2020. As a result, it should be noted that the pre and post 2020 values of Interest payments and FISIM are not directly comparable.
Table 1.1 presents analysis of Selected Income Indicators for Agriculture from 2021 to 2024. Figure 1.1 shows trends in Selected Income Indicators for Agriculture from 2021 to 2024.
| Table 1.1: Output, Input and Income in Agriculture, 2021-2024 | ||||||||
| € million | Annual Change (%) | |||||||
| 2021 | 2022 | 2023 | 2024 | 2022 | 2023 | 2024 | ||
| Goods Output | 9,629 | 12,310 | 10,807 | 11,739 | 27.9 | -12.2 | 8.6 | |
| Intermediate Consumption | 6,129 | 7,903 | 7,972 | 7,682 | 28.9 | 0.9 | -3.6 | |
| Net Subsidies | 1,720 | 1,952 | 1,642 | 2,048 | 13.4 | -15.9 | 24.7 | |
| Operating Surplus | 3,721 | 4,771 | 2,714 | 4,290 | 28.2 | -43.1 | 58.1 | |
| Entrepreneurial Income | 3,183 | 4,177 | 2,002 | 3,473 | 31.2 | -52.1 | 73.5 | |
| X-axis label | Goods Output | Intermediate Consumption | Net Subsidies | Operating Surplus | Entrepreneurial Income |
|---|---|---|---|---|---|
| 2021 | 9.62866175097883 | 6.12900609198768 | 1.72049909289562 | 3.72073356602757 | 3.18333140562833 |
| 2022 | 12.310253140208 | 7.90293162311042 | 1.95181223415686 | 4.77055501264094 | 4.17739748971376 |
| 2023 | 10.8065650324728 | 7.97194255646959 | 1.64188259988243 | 2.71353830701084 | 2.00178153344581 |
| 2024 | 11.7385321034149 | 7.6820436276987 | 2.04780381219994 | 4.29010287794833 | 3.47273869004891 |
The CSO’s final estimate for 2024 is that the value of Agricultural Output at Basic Prices grew by €1.0bn (+9%) to €12.5bn. The main driver of this growth was a recovery in output prices, particularly for Milk and Cattle, which between them increased in value by €626m. Many Crop prices were also up, resulting in their value increasing by €185m. Some major costs also fell, and therefore expenditure on items of Intermediate Consumption contracted by €290m (-4%) to €7.7bn (See Table 1.2).
Agricultural Operating Surplus rose by €1.6bn (+58%) to €4.3bn. When the cost of Net Interest and Land Rental are accounted for, Entrepreneurial Income was up by 73% to €3.5bn in 2024 (See Table 1.2).
The value of Livestock grew by 4% in 2024 due mainly to higher prices. Cattle accounted for 25% of the total value of Agricultural Output at Basic Prices. With their prices up by 5% and volumes down 3%, the value of Cattle increased by €51m to €3.1bn. Sheep prices increased by 18%, so despite volumes falling by 5%, their overall value grew by €43m to €387m. Pigs and Poultry were the only categories of livestock to experience weaker prices, with the prices of both falling by 1%. However, growth in output volumes led to higher output values. With Pig volumes up by 8%, their value increased by €42m to €710m. Poultry volumes rose by 10% resulting in their value rising by €20m to €237m. The price and volume of Horses were up by 8% and 2% respectively leading to their value growing by €31m to €336m.
While not back to their 2022 levels, the price of Milk recovered substantially in 2024 (+17%) and with little change in volumes, its value grew by €575m to €4.1bn.
Most crops also experienced significant price growth. The overall value of Crops increased by €185m (+7%) to €2.8bn, with Potatoes and Cereals accounting for €45m and €37m respectively of this growth. The value of Cereals grew by 11% to €381m. Barley rose in value by €26m to €258m as prices grew by 2% and volumes rose by 10%. The value of Oats increased by €11m to €45m due mainly to higher volumes. Wheat producers saw the value of their output fall by €1m (-1%) to €78m as higher volumes failed to counter the impact of lower prices (-5%).
Potato producers saw the value of their output grow by 21% to €264m due to both higher prices (+8%) and volumes (+12%). The value of fresh vegetables was also up in 2024 as both volumes and prices increased. There was a 16% increase in the value of Mushrooms due mainly to higher prices (+13%), while the value of Other Fresh Vegetables grew by 10% to €152m with higher volumes accounting for 5% of this increase. Fresh Fruit also experienced growth in both volumes (+3%) and prices (+3%) resulting in its value increasing by €4m to €62m.
When the value of Other Crops (€113m) and Forage Plants (€1.7bn) are included, the value of Goods Output at Producer Prices grew by €932m (+9%) to €11.7bn.
Subsidies on Products increased by €24m (+28%) to €109m. Combined with the impact of a €57m increase (+9%) in the value of Contract Work and a minor increase in Taxes on Products (+1%), the net impact of all these changes on the value of Agricultural Output at Basic Prices was an increase of €1.0bn (+9%) to €12.5bn in 2024.
Intermediate Consumption costs fell by €290m (-4%) to €7.7bn due mainly to lower expenditure on fertilisers and feeding stuffs. Fertiliser prices contracted by 29% so while volumes rose by 4%, their cost fell by €216m to €601m. The volume of Feeding Stuffs used on Irish farms increased by 8%, but with prices down by 13%, expenditure on this item fell by €148m (-7%) to €2.1bn. The cost of Seeds fell by €9m to €118m as volumes and prices both contracted by 4%. Expenditure on Energy & Lubricants was down 5% to €609m due to a 6% reduction in prices. Despite prices increasing by 3%, the cost of Maintenance & Repairs also fell by €16m (-3%), while expenditure on Crop Protection Products declined by €18m to €100m due to the combined impact of lower volumes (-19%) and higher prices (+4%).
Not all costs fell. FISIM charges increased by €18m (+15%) to €136m. Despite volumes falling by 12%, the cost of Forage Plants rose by €71m (+4%) to €1.7bn. Veterinary Expenses were also marginally up by €2m (+1%) to €393m even though volumes contracted by 3%. The cost of Contract Work increased by €57m (+9%) to €662m with higher volumes accounting for 6% of this rise.
The value of Agricultural Output at Basic Prices increased by €1.0bn, Intermediate Consumption costs contracted by €290m, Fixed Capital Consumption grew by €24m, Other Subsidies less Taxes on Production were up by €382m, and Compensation of Employees costs rose by €84m. Combined, these resulted in an increase of €1.6bn (+58%) to €4.3bn in the value of Operating Surplus. With Net Interest charges increasing by €50m and Land Rental costs growing by €55m, Entrepreneurial Income rose by €1.5bn (+73%) to €3.5bn in 2024.
Subsidies continue to play an important role in agricultural incomes. The combined value of net subsides (i.e. Subsidies less Taxes) on both products and production increased by €406m to €2.0bn. This €2.0bn accounted for 48% of Operating Surplus and 59% of Entrepreneurial Income, down from 61% and 82% respectively in the previous year.
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Statistician's Comment
The Central Statistics Office (CSO) has today (09 July 2025) published Output, Input and Income Agriculture – Final Estimate 2024.
Commenting on the release, Mairead Griffin, Statistician in the Agriculture Accounts & Production Section, said: "This release is our final estimate of the value of agricultural outputs, inputs, and income for 2024.
This estimate shows that while agricultural incomes have not yet recovered to their 2022 levels, they are significantly higher than they were in 2023 mainly due to higher output prices and lower costs. As Milk accounts for one third of the value of Irish Agricultural Output at Basic Prices and Cattle a further 25%, movements in their prices have a significant impact on agricultural incomes. Similarly, as Feeding Stuffs accounted for 28% of all Intermediate Consumption Costs and Fertilisers a further 8%, reductions in their prices of 13% and 29% respectively were the main driver in the overall drop of 4% in Intermediate Costs.
Operating Surplus grew by 58% (+€1.6bn) to €4.3bn while Entrepreneurial Income, which includes the cost of land rental and net interest payments, increased by 73% (+€1.5bn) to €3.5bn in 2024.
Outputs
The most notable factor about output values in 2024 was stronger prices, especially Milk prices which grew by 17%, and Sheep prices which were 18% higher. The only category of livestock that experienced weaker prices were Pigs and Poultry, which both experienced drops of 1%. Crop prices also increased in 2024, with the price of Potatoes rising by 8%, Fresh Vegetables were 9% higher, and Fresh Fruit prices went up by 3%. Barley and Oat prices grew by 2% and 4% respectively while Wheat prices fell by 5%.
As a result of higher prices, the value of Milk, at €4.1bn, was up by €575m on its 2023 value. The value of Livestock has seen incremental growth since 2020, and at €4.7bn, was up €186m on its 2023 value. Cattle accounted for €51m of this growth with Sheep and Pigs a further €43m and €42m respectively. Crops contributed an additional 7% (+€185m) to the value of Agricultural Output.
Input costs
Intermediate Consumption costs fell by 4% (-€290m) to €7.7bn. The most significant reduction was in the cost of Fertilisers, which fell by €216m (-26%) as lower prices (-29%) negated the impact of higher volumes. The cost of Feeding Stuffs fell by 7% or €148m due to lower prices (-13%) while expenditure on Energy & Lubricants decreased by 5%, also because of lower prices (-6%). Although many costs fell, some did increase, most notably the cost of Contract Work, which grew by €57m or 9%, Financial Intermediation Services Indirectly Measured (FISIM), which cost an additional 15% (+€18m), and Forage Plants (+€71m, +4%).
Based on the changes in output values and costs, we estimate that agricultural Operating Surplus rose by 58% to €4.3bn. When the cost of Net Interest and Land Rental are included, Entrepreneurial Income grew by 73% to €3.5bn. Net Subsidies (i.e. Subsidies minus taxes) on both products and production grew by €406m to €2.0bn and accounted for 48% of Operating Surplus and 59% of Entrepreneurial Income in 2024."