The preliminary estimate of Agricultural Operating Surplus for 2024 shows it increased by 46% (+€1.3bn) to €4.3bn.
The value of Agricultural Output at Basic Prices rose by 8% (+€928m) to €12.2bn in 2024, driven mainly by a 17% increase in milk prices.
Milk contributed an additional €575m (+16%) to the value of Agricultural Output, bringing its value to €4.1bn.
The value of crops was up by 5% (+€127m) to €2.6bn, mainly due to higher prices (+4%). The price of Other Crops grew by an average of 6% while Forage Plant prices rose by 4%.
The value of Livestock rose by 4% (+€176m) to €4.7bn. Except for pigs, the price of all other livestock increased.
Cattle prices grew by 5%, but this was tempered by lower volumes (-3%) resulting in their value rising by €51m to €3.1bn.
The price of Sheep was up by 18%, but with volumes contracting (-3%), their value rose by 14% (+€49m) to €394m. Pig values grew by 6% (+€40m) to €708m despite minor price drops (-1%).
While the information available on the cost of many items of Intermediate Consumption is still limited, it is currently estimated that these costs fell by 4% (-€274m) to €7.5bn in 2024. A decrease of 26% (-€216m) in the cost of Fertilisers and a drop of 6% (-€147m) in Feeding Stuffs were the main contributors to this reduction.
The figures for 2024 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 2024 will be published in the Final Estimate in June 2025.
| 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 | 12,312 | 10,670 | 11,546 | 27.9 | -13.3 | 8.2 | |
| Intermediate Consumption | 6,203 | 7,880 | 7,754 | 7,480 | 27.0 | -1.6 | -3.5 | |
| Net Subsidies | 1,720 | 1,952 | 1,640 | 1,870 | 13.5 | -16.0 | 14.0 | |
| Operating Surplus | 3,647 | 4,795 | 2,907 | 4,251 | 31.5 | -39.4 | 46.2 | |
| Entrepreneurial Income | 3,082 | 4,178 | 2,143 | 3,453 | 35.6 | -48.7 | 61.2 | |
| X-axis label | Goods Output | Intermediate Consumption | Net Subsidies | Operating Surplus | Entrepreneurial Income |
|---|---|---|---|---|---|
| 2021 | 9.629 | 6.203 | 1.72 | 3.647 | 3.082 |
| 2022 | 12.312 | 7.88 | 1.952 | 4.795 | 4.178 |
| 2023 | 10.67 | 7.754 | 1.64 | 2.907 | 2.143 |
| 2024 | 11.5455821739471 | 7.47985760539423 | 1.86953782960798 | 4.25083082138891 | 3.45330215927131 |
The CSO’s second estimate of Agricultural Operating Surplus shows that it grew by 46% (+€1.3bn) to €4.3bn in 2024. The main reason for this increase was higher prices for most agricultural outputs, most notably for milk.
Milk prices were up by 17%, and with little change in volumes, the value of Milk grew by 16% (+€575m) to €4.1bn.
The price of most outputs increased in 2024, with the largest increases occurring for sheep, milk and horses. The value of Cattle grew by 2% (+€51m) to €3.1bn as higher prices (+5%) negated the impact of lower volumes. Pigs were the only category of livestock that saw weaker prices, but this 1% fall in prices was offset by a 7% increase in volumes. As a result, the value of Pigs grew by €40m to €708m. Sheep prices rose by 18% but with lower volumes, their value increased by 14% (+€49m) to €394m. With prices up by 8% and volumes growing by 2%, the value of Horses rose by €31m to €336m. Higher volumes saw the value of Poultry increase by 2% (+€5m) to €228m. Overall, it is estimated that the value of Livestock grew by 4% (+€176m) to €4.7bn in 2024.
With final areas, yields and prices still outstanding for most crops, the current estimate is that their value rose by 5% (+€127m) to €2.6bn. Cereals increased by 10% (+€34m) to €378m. The price of Forage Plants was up by 4%, so despite lower volumes, their value grew by 2% (+€30m) to €1.5bn. Prices for Other Crops rose by an average of 6%, and with volumes 3% higher, their value increased by €63m to €736m.
The above changes combined with the larger value of both Contract Work (+€17m) and payments of Subsidies less Taxes on Products (+€36m) resulted in the value of Agricultural Output at Basic Prices rising by 8% (+€928m) to €12.2bn in 2024.
Intermediate Consumption costs are estimated to have dropped by 4% (-€274m) to €7.5bn, although it should be noted that this is based on limited data on the cost of many inputs. A 29% fall in Fertiliser prices combined with volumes increasing by 4% resulted in their cost contracting by €216m to €601m. The cost of Feeding Stuffs is estimated at €2.1bn, a drop of €147m, due to the combined impact of lower prices (-13%) moderated by higher volumes (+ 8%). Expenditure on Energy & Lubricants is estimated to have decreased by 6% (-€39m) to €605m due to lower prices in 2024.
With the value of Agricultural Output at Basic Prices up by €928m, Intermediate Consumption costs contracting by €274m, Other Subsidies less Taxes on Production growing by €194m and Compensation of Employees costing an additional €52m, it is estimated that agricultural Operating Surplus increased by 46% (+€1.3bn) to €4.3bn in 2024.
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Statistician's Comment
The Central Statistics Office (CSO) has today (10 March 2025) published Output, Input and Income in Agriculture – Preliminary Estimates 2024.
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 2024. However, when interpreting these results it is important to note 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
With Milk accounting for one-third of the value of Agricultural Output at Basic Prices and Cattle a further 25%, changes in the price of these two outputs have a significant impact on agricultural incomes. Milk prices increased by 17% and as a result its value grew by €575m to €4.1bn. The value of Livestock was up by 4% (+€176m) in 2024, with stronger prices the main source of this growth. Despite the volume of Cattle falling, their value rose by 2% (+€51m) to €3.1bn as a result of higher prices (+5%). Sheep prices were up by 18% and therefore, despite volumes contracting, their value increased by 14% (+€49m) to €394m. Horse prices were 8% higher and with volumes up by 2%, their value grew by €31m to €336m. With a drop of 1%, Pigs were the only category of livestock that experienced weaker prices, although higher volumes ensured that their value rose by 6% (+€40m) to €708m.
The value of Crops was up by 5% (+€127m) to €2.6bn, but this is expected to rise further when updated data on all crops becomes available ahead of the publication of our final estimates for 2024 in June. Cereals increased by 10% (+€34m) to €378m, while Other Crops grew by 9% (+€63m) to €736m.
Inputs
Our current estimate is that Intermediate Consumption costs fell by 4% (-€274m) to €7.5bn. It is however important to note that this estimate is based on incomplete data, with data on many costs still outstanding. Lower prices (-29%) caused the cost of Fertilisers to fall by more than a quarter to €601m. The price of Feeding Stuffs decreased by 13% but with higher volumes, their cost was down by 6% to €2.1bn.
The net impact of these and other changes on our estimate of Operating Surplus for 2024 is an increase of 46% to €4.3bn.”