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DEFRA Research & Statistics On Farm Business Incomes

DEFRA Forecasts On Farm Business Incomes In 2024

Published by the Department for Environment, Food & Rural Affairs, these statistics serve as a vital resource for policymakers, researchers, and stakeholders involved in shaping the future of the agricultural sector. With the latest update on 14th March 2024, this comprehensive report encapsulates the evolving trends and challenges faced by farm businesses in England.

Join us as we explore the latest figures and delve into the multifaceted aspects of farm business income, shedding light on the economic performance and resilience of agricultural enterprises nationwide.

Summary of DEFRA Forecasts of Farm Business Incomes

Purpose: This statistical release offers forecasts of Farm Business Income (FBI), representing the total output generated by farm businesses minus total farm costs. These forecasts are crucial for monitoring government policies, conducting research on agricultural economic performance, productivity, and competitiveness, and are widely utilized by the industry for benchmarking purposes.

Data and Coverage: The release covers March/February years, with the latest estimates encompassing the 2023 harvest, incorporating the 2023 rate of the Basic Payment Scheme (included in total farm output). The actual survey results for this period will be published in November 2024.

Methodology: Forecasts for 2023/24 are based on information available in early February 2024, including prices, livestock populations, marketings, crop areas, yields, and input costs. These forecasts aim to provide a general indication of how incomes for each farm type are expected to change compared to the previous period (2022/23).

Margin of Error: Forecasts are subject to a margin of error, primarily due to the fact that farm income is derived as the small difference between total output and total input. Minor percentage changes in either of these factors can lead to significant percentage changes in income.

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