Key points

• Total income from farming (TIFF) is the total profit from all farming businesses within the agricultural industry in Scotland. It provides a breakdown of the value of farm production, support payments and costs. This publication contains initial estimates for 2024. At the time of publication, not all data are available for 2024. This estimate is subject to a degree of revision in future years as more data becomes available.
• Initial estimates for 2024 predict a strong recovery in total income from farming from its 5-year low in 2023. Total income is estimated to reach around £1.3 billion in 2024, an increase of £0.4 billion (49%). In real terms, adjusted for inflation, this is a 44% increase.
• A higher profit margin in 2024 is driven by a decrease in total costs by nearly £0.5 billion (11%). Total costs are estimated at £3.8 billion.
• Continuing high commodity prices in 2024 support a relatively stable gross output compared to the previous year. Total output is around £4.6 billion in 2024.
• The large increases across a range of farm costs in recent years fell back somewhat in 2024. Costs for feed and fertiliser in 2024 decreased, but remain high compared to pre-2022 levels. Smaller decreases are also seen in costs for fuel and oils, interest, and consumption of fixed capital (depreciation).
• Total support payments to farms has been stable in recent years at around £0.6 billion. This is driven by the fixed rate of the Basic Payment Scheme, which did not increase with inflation. In real terms, this is a 5% decrease in value between 2023 and 2024.
• Support payments accounted for 45% of profit from all farming in 2024. Over the last ten years support payments accounted for around 65% of profit from farming on average.

All data tables are available to download under supporting documents.