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Green Shoots of Recovery in Agriculture with Output set to Increase by over €300 million in 2010

The agriculture sector is set to provide a much needed boost to the rural economy in 2010 according to a newly released report by economists from the Economic Research Department at Teagasc. Having endured a tough year in 2009, the farm-gate value of the main outputs of the sector will rise by in excess of €300 million in 2010.

Irish agriculture is highly export focused and an improvement in prices internationally is being reflected in higher prices at farm level. Developing countries have emerged from recession quickly and in general this has set international agricultural commodity prices on an upward trend. The sterling and dollar exchange rates are important for the international competitiveness of the sector and the depreciation of the euro against both of these currencies in 2010 has also been of benefit.

The source of the increase in output can be mainly attributed to the recovery in the dairy sector, with Irish dairy farmers likely to receive among the highest prices in Europe this year.

Downstream sectors involved in food processing will also benefit as value added in these sectors will also increase.

Report

View report: SOmidyear2010final (132KB PDF Format)