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Farm profits forecast to rise

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The latest Defra forecast for Total Income from Farming (TIFF) for the UK for 2019 suggest that profitability will rise by 16% overall, mainly due to higher values for arable crops, partly as a result of the bad weather this autumn.

Compared to 2018, Total Income from Farming is expected to be £5,380 million, an increase of £736 million (up 16 per cent), while agriculture is expected to contribute £10,535 million to the national economy (in terms of Gross Value Added), an increase of £987 million (up 10 per cent).

The value of intermediate consumption is estimated to have risen by £188 million (and increase of just one per cent) to £17,202 million. According to Defra, ‘In general all costs increased as a result of higher prices.’

The current figures are not split by crop type or sector, but in 2018, vegetable and horticultural products were the second most valuable crop sector after cereals, valued at a total of £2,759 million.

 

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