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Economic Report on Scottish Agriculture 2015

Economic Report on Scottish Agriculture 2015 presenting an overall picture of Scottish agriculture using data from the various agricultural surveys that RESAS manage.

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Table A15 Major economic indicators of Scottish agriculture, 2010 to 2014

                                                                                                                           £ million

 

2010

2011

2012

2013

2014

(prov)

Current Prices

A. Net value added at factor cost(1)

1,065

1,203

1,021

1,225

1,109

B. Returns to all labour(2)

1,012

1,150

966

1,169

1,049

C. TIFF(3)

676

792

630

823

688

Stockchange due to volume in outputs

-49

-26

-54

1

14

Stockchange due to volume in inputs

0

1

0

0

0

Capital formation in livestock

114

126

139

168

175

minus consumption of capital in livestock

126

157

179

167

181

D. Sub total

-61

-56

-94

2

8

E. Adjusted TIFF(4) (C-D)

737

847

724

822

680

Depreciation

256

262

271

268

264

Capital grants

26

41

40

30

23

Change in borrowings

446

151

-51

69

91

F. Sub total

728

454

260

367

378

G. Capital investment(5)

280

209

243

215

235

H. Cash available (E+F-G)

1,185

1,093

741

974

823

Annual work units of entrepreneurial labour(6)

27,377

27,120

27,363

26,890

26,731

TIFF per AWU (£)

24,702

29,191

23,017

30,623

25,721

Real terms

Net value added at factor cost

1,126

1,245

1,039

1,225

1,088

TIFF

715

819

641

823

674

Cash flow

1,253

1,131

754

974

807

TIFF per AWU (£)

26,105

30,207

23,429

30,623

25,217

Indices 2000=100

Net value added at factor cost

140

155

130

153

136

TIFF

219

251

196

252

206

Cash flow

318

287

192

247

205

TIFF per AWU (£)

246

285

221

289

238

(1) Net Value Added at Factor Cost (formerly known as Net Product) is a measure of the value added by the agricultural industry to all goods and services from outside agriculture after provision has been made for depreciation.

(2) Represents Net Value Added at Factor Cost less Rent and Interest payments and so is equivalent to the total returns to labour inputs.

(3) TIFF (Total Income From Farming) represents the return, to all those with an entrepreneurial interest in agricultural production, for their labour, management skills and own capital invested after providing for depreciation.

(4) After adjustments for input and output stock changes due to volume (including breeding livestock). Adjustments are also made to convert the effect of subsidies included within the calculation of TIFF from an accruals to a cash paid basis.

(5) The value of work carried out by entrepreneurial labour in the creation of new capital is deducted from the total value of capital investment.

(6) The total volume of labour provided by those with an entrepreneurial interest in terms of full-time equivalents.

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