Teagasc attributes this rise to declining input expenditure, particularly on animal feed, which had been high because of the fodder crisis.

The survey, which was compiled by Thia Hennessy and Brian Moran, presents a wide disparity between farming systems. Average income ranges from €68,877 for dairy farmers to €10,271 on suckler farms. A total of 61% of cattle rearing farms earned less than €10,000 in 2014.

Teagasc also highlights the average subsidy payment in 2014 was €18,859, representing approximately 70% of income for most farms and 100% for some cattle and sheep farmers. Meanwhile, 51% of farming households have off-farm employment with 29% of farmers working off-farm.

Here are some of the main points from the survey

  • Farm income increased by 6% in 2014 to €26,974.

  • The rise was mainly due to lower feed prices.

  • Average dairy farm income increased by 9% to €68,877. Dairy farms produced 5% more milk in 2014 relative to 2013 and the milk price was on average 3%.

  • Income on suckler farms increased by 8% to €10,271 in 2014. However, income on beef farms fell by 12% to €13,834, as the decline in input expenditure did not offset falling prices for finished animals.

  • Income on sheep farms increased by 24% in 2014 to an average of €14,551.

  • Income on specialist tillage farms declined by 1% in 2014 to €28,468.

  • The average subsidy payment in 2014 was €18,859, and accounted for 70% of income. On cattle and sheep farms subsidies comprised over 100% of income.

  • 51% of farm households have off-farm income, with 29% of farmers working off-farm.