Total Income from Farming 2014-16

January 31, 2017 by No Comments | Category Farming and rural

Total income from farming is estimated to have increased by £96 million in 2016, after two years of decline.

The Chief Statistician in the Scottish Government today published Total Income from Farming Estimates for Scotland 2014-2016, which contains near-final estimates of Total Income from Farming (TIFF) for 2015 and an initial estimate of 2016 TIFF. The figures show income fell by 16 per cent (17 per cent in real terms) in 2015 compared to the previous year, but initial estimates for 2016 suggest an increase of 15 per cent (14 per cent in real terms).

Agriculture was worth £653 million to the Scottish economy in 2015, down from £775 million in 2014, with subsidies, milk and barley all seeing big falls.

Although not all the data are yet in, TIFF for 2016 appears to have bounced back to about £749 million, which, once inflation is taken into account, is the fourth highest since 2000. The weakening of the pound following the EU referendum led to improved prices for grain, beef and lamb, resulting in a boost to the value of outputs. Another important effect of the exchange rate was the increase in the value of EU support payments. The 17 per cent change in the exchange rate resulted in total payments increasing by £53 million

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