Outlook 2023 - Economic Outlook for Irish Agriculture

13 December 2022 13 December 2022

Russia’s illegal invasion of Ukraine, along with the transition from COVID-19 restrictions, have led to high inflation. In agriculture dramatic changes in both input and output prices have created uncertainties about production decisions, input use and likely profitability. In addition to the inflationary pressures, interest rates have risen significantly and there has been a sharp depreciation in the value of the euro against the US dollar.

While both input and output prices increased, on balance incomes have fallen on most farms in 2022, as the rise in costs outstripped the improvement in output prices. Dairy farms are a notable exception. Little growth in global milk production has allowed dairy product prices reach unprecedented levels, resulting in a very favourable dairy incomes.

By contrast, on drystock farms incomes are generally lower in 2022. In spite of very favourable weather, high costs have had a negative impact on tillage incomes. Meanwhile, the pig sector is gradually emerging from a very challenging period of negative margins.

Are high input prices likely to feature prominently in the Outlook for 2023? What will be the implication for farm incomes? Find out at Outlook 2023.

Who Should Attend?

This event is of interest to farm representative organisations, food businesses and representative bodies, financial institutions, academics, policy makers and farmers.

How to Register

Registration for this online event is required and closes on Monday, 12^th December. Click on the link below to register on Zoom.

The panellists and topics discussed will include:

09:30am  Welcome & Opening Remarks
Professor Frank O’ Mara, Teagasc Director

Sectoral outlook

• 9:40am - Short-term Macro Outlook
  Trevor Donnellan
• 9:55am - Agri Inputs & Cereals
  Fiona Thorne
• 10:10am - Pigs
  Michael McKeon
• 10:20am - Forestry
  Tom Houlihan
• 10:35am - Cattle
  Jason Loughrey
• 10:45am -  Sheep
  Anne Kinsella
• 11am Break
• 11:10am - Dairy
  Emma Dillon
• 11:30am - Environmental Sustainability
  Cathal Buckley
• 11:50am - Farm Incomes
  Trevor Donnellan
• 12:05pm - Questions and Discussion
• 1pm - Close