Farm business income has on average gone down since the previous year. Average income decreased 36 per cent to £25,800 from the high estimate of £40,300 the previous year.
This is a result of increased costs and decreased revenues and support payments in a number of different areas. Output value from potatoes and cereals decreased and affected some farm types more than others.
Figures in this report are based on the latest published statistics for the period 2019-20, a period where some farm activity may have been impacted by the coronavirus pandemic.
Many farm types that performed well in the previous year experienced a large drop in income in 2019-20.
Sheep farms in less favourable areas (LFA) continue to rely on support payments the most. General Cropping farms had the highest income and are less reliant on support.
Figures quoted in this report relate to changes in real terms – they take account of inflation. Farms which do not receive support payments, such as pigs, poultry and horticulture, are not included in the survey.