Total income from farming in UK for 2017 rose 45%
It measures the return to all entrepreneurs for their management, labour and capital invested.
- Total Income from Farming rose by £1,774 million (45%) in real terms to £5,711 million
- Agriculture contributed £10,285 million to the national economy (Gross Value Added), an increase of £1,756 million (21%)
The main drivers of this change are:
An increase of £2,397 million (10%) in gross output to £26,105 million
- a 7% increase in livestock for meat was driven by price increases
- a 25% increase in livestock products was driven by an increase in milk price
- The cost of intermediate consumption rose by 4.2% driven by higher
prices, in particular for animal feed, energy and fertiliser.
- A further weakening of the pound led to a 3.0% increase in the value of payments under the Basic Payment Scheme
- Total Income from Farming per annual work unit (AWU)1 of entrepreneurial labour (farmers and other unpaid labour) rose by 44% in real terms to £29,466. ■