Gross farm income reflects the total value of agricultural output. Net farm income (NFI)—which reflects income from production in the current year—is calculated by subtracting farm expenses from gross farm income. NFI considers both cash and noncash income and expenses. NFI is forecast to be $48.9 billion in 2016 ($54.8 billion in nominal terms), down 4.8 percent (3 percent) from the 2015 forecast.
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