Ireland: 2024 farm incomes on upward path following 2023 record lows

A new report by Teagasc has provided the latest estimates of average incomes for various farm types in 2024, and an outlook of future prospects by forecasting farm incomes in 2025. The average farm income in 2024 is estimated to be up 49% to almost €29,200 on the average figure for a difficult 2023 all around. However, the increase for this year is almost entirely driven by the increase in income experienced in the dairy and tillage sectors. The Teagasc Outlook 2025 report, published today (Tuesday, December 3), said that Irish agriculture faced a complex set of challenges in 2024 shaped mainly by periods of unfavourable weather. High winter and spring rainfall left pastures saturated, delaying the start to the grazing season. By contrast, the summer months were dry, but overcast, and this led to poor mid-season grass growth, which negatively affected Irish farms producing milk, cattle, and sheep. On the positive side, late season grazing conditions in October and November were ...