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With expenses increasing more than receipts, net farm income forecast to fall in 2014

With expenses increasing more than receipts, net farm income forecast to fall in 2014
While gross farm income roughly measures the total value of agricultural output, it does not reflect the farm sector’s contribution to that value, nor does it measure the income earned by farm operators and other farm sector stakeholders. Net farm income—which reflects income from production in the current year—is calculated by subtracting farm expenses from gross income. Net farm income is forecast to be $96.9 billion in 2014, down over 20 percent from 2013’s estimate. If realized, the 2014 forecast would be the lowest since 2010, but would still remain more than $14.5 billion above the previous 10-year annual average.

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Last updated: Tuesday, November 25, 2014

For more information contact: Kathleen Kassel