The value of Agricultural Output at Basic Prices fell by 13% (-€1.7bn) to €11.2bn in 2023.
The value of Milk contracted by 30% (-€1.5bn) to €3.5bn as output volumes decreased by 4% and prices were down by 26%.
Cereal values dropped by 48% (-€333m) to €362m due to prices falling by a third and volumes contracting by 26%.
The value of Livestock increased by 1% (+€28m) to €4.6bn. Pig values grew by 7% (+€46m) to €667m due to stronger prices (+19%), while Cattle values fell by 1% (-€25m) to €3.0bn due to lower volumes (-4%).
Intermediate Consumption costs fell by 5% (-€383m) to €7.5bn in 2023. A reduction of 32% (-€391m) in the cost of Fertilisers was the main contributor to this fall.
Due to lower prices (-4%), expenditure on Energy & Lubricants contracted by 4% (-€27m) to €607m.
Agricultural Operating Surplus declined by 36% (-€1.7bn) to €3.0bn in 2023.
Editor's Note
The figures for 2023 are preliminary estimates which are provisional and based on the latest available data. These figures are subject to change once the complete set of data for the full year becomes available. Updated figures for 2023 will be published in the Final Estimate in June 2024.
| Table 1.1: Output, Input and Income in Agriculture, 2023 | ||||||
| € million | Annual Change (%) | |||||
| 2021 | 2022 | 2023 | 2022 | 2023 | ||
| Goods Output | 9,605 | 12,285 | 10,525 | 27.9 | -14.3 | |
| Intermediate Consumption | 6,143 | 7,919 | 7,536 | 28.9 | -4.8 | |
| Net Subsidies | 1,716 | 1,938 | 1,632 | 12.9 | -15.8 | |
| Operating Surplus | 3,678 | 4,720 | 3,023 | 28.3 | -35.9 | |
| X-axis label | 2021 | 2022 | 2023 |
|---|---|---|---|
| Goods Output | 9.60537428468304 | 12.2853255132731 | 10.5254562669263 |
| Intermediate Consumption | 6.14323018252906 | 7.91865759020858 | 7.53602442244421 |
| Net Subsidies | 1.71632335893123 | 1.93814960916929 | 1.63172922666689 |
| Operating Surplus | 3.67806035276231 | 4.71962099428606 | 3.02333943078168 |
The CSO’s second estimate of Agriculture Operating Surplus shows that it fell by 36% (-€1.7bn) to €3.0bn in 2023. The main reason for this decrease was a sharp reduction in the value of milk and cereals.
Cereal values declined by 48% to €362m due to volumes decreasing by 26% and prices dropping by a third.
Milk prices were down by 26% and with yields contracting by 4%, the value of Milk fell by just over €1.5bn to €3.5bn in 2023.
The value of cattle and horses decreased in 2023. While Cattle prices grew by 3%, volumes contracted by 4% resulting in their value falling to €3.0bn, a reduction of €25m. Horse values were down by 3% to €305m due to lower prices. While closing sheep stocks are still to be finalised, our current estimate is that there was no significant change in the value of Sheep, as a 3% increase in volume was negated by a similar drop in prices.
The impact of stronger Pig prices (+19%) was moderated by lower volumes, resulting in the value of Pigs rising by 7% (+€46m) to €667m. Higher Poultry prices (+5%) combined with larger volumes saw the value of Poultry grow by 8% (+€17m) to €221m. Overall, it is estimated that the value of Livestock increased by €28m (+1%) to €4.6bn in 2023.
The value of Crops fell by 11% (-€290m) to €2.3bn. The most notable change was in cereals. With the area sown with Cereals down by 6% and lower yields, the volume of Cereal production contracted by 26%. The impact on Cereal values of this drop in output was compounded by a reduction of 33% in the average price of Cereals. The net effect of these changes was a decrease of €333m (-48%) in the value of Cereals.
Overall, the value of Agricultural Output at Basic Prices fell by 13% (-€1.7bn) to €11.2bn.
Intermediate Consumption costs are estimated to have dropped by 5% (-€383m) to €7.5bn, although it should be noted that this is based on provisional estimates of the cost of many inputs. The cost of Fertilisers, which are finalised, fell by €391m (-32%) to €817m, with lower prices accounting for 22% of this reduction. Expenditure on Energy & Lubricants is estimated to have contracted by 4% (-€27m) to €607m due to lower prices.
With the value of Agricultural Output at Basic Prices down by €1.7bn, Intermediate Consumption costs contracting by €383m, Other Subsidies less Taxes on Production falling by €316m and Compensation of Employees costs growing by €25m, it is estimated that Operating Surplus decreased by 36% (-€1.7bn) to €3.0bn in 2023.
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Statistician's Comment
The Central Statistics Office (CSO) has today (11 March 2024) released Output, Input and Income in Agriculture – Preliminary Estimates 2023.
Commenting on the release, Mairead Griffin, Statistician in Agricultural Accounts and Production Section of the CSO, said: “This release provides a second estimate of the value of agricultural outputs, inputs, and income for 2023. When interpreting the results, it’s important to keep in mind that some of the values used to prepare this set of accounts, particularly in relation to input costs, are still provisional and will be revised when we prepare our final estimates in June.
Outputs
As outlined in our early estimates last December, the results for 2023 were dominated by two outputs, namely milk and cereals, which both experienced large drops in value. Milk prices fell by 26% and when combined with a 4% reduction in volumes, the value of Milk declined by €1.5bn to €3.5bn. The value of cereals was impacted by both lower prices and yields. While prices fell by a third, a 6% reduction in the area planted with Cereals combined with unfavourable weather led to a 26% reduction in output. As a result, the value of Cereals contracted by 48% to €362m.
There was only a very minor change in the value of Livestock, which was up about 1% to €4.6bn. Cattle values, at €3.0bn, were about 1% lower, while the value of Horses was down 3% to €305m. Sheep values remained relatively stable, although this estimate may change when closing sheep stocks become available. With Pig prices up by 19% and Poultry prices up by 5%, their values increased by 7% and 8% respectively.
Inputs
In relation to input costs, we currently estimate that Intermediate Consumption costs fell by 5% to €7.5bn. However, it is important to note that we are still waiting on updated data on many costs, so this figure will change when we receive finalised data. The cost of Fertilisers fell by almost a third to €817m, with lower prices accounting for 22% of this reduction. Energy & Lubricants costs were down by 4% to €607m due to lower prices.
The net impact of these and other changes on our estimate of Operating Surplus for 2023 is a decrease of 36% to just over €3.0bn.”