U.S. net farm income forecast to decline in 2018
Gross farm income reflects the total value of agricultural output plus Government farm program payments. 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. Inflation-adjusted net farm income is forecast to decline almost 15 percent in 2018, to $65.7 billion, after increasing in 2017. Inflation-adjusted expenses are projected to increase slightly (1 percent) in 2018 after declining in each of the 3 prior years.
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