Farmers in Cork and Kerry, the largest milk producing region in the country, saw total "entrepreneurial income" rise by 67% last year.

This was worth €325 million to their businesses.

A new report published by the Central Statistics Office (CSO) today (Friday, October 3) also shows that farmers in border regions - Cavan, Donegal, Leitrim, Monaghan, and Sligo - had the largest increase in milk values in 2024.

Meanwhile the mid-west region - Clare, Limerick, and Tipperary - was the largest producer of cattle and the second largest producer of milk in 2024. 

According to the CSO in general entrepreneurial income, which includes the cost of land rent and interest payments, increased by €1.5 billion last year, while operating surplus was also up 58% or €1.6 billion. 

Its Regional Accounts for Agriculture 2024 report highlights that the Midland region had the highest increase - 111% - worth €159 million, in agricultural entrepreneurial income in 2024.

The CSO report also illustrates that farmers had different financial fortunes during 2024 in various parts of the country.

Mairead Griffin, statistician in the CSO Agricultural Accounts and Production Section said: "We reported earlier this year that at a national level there was a significant recovery in agricultural incomes in 2024 after the previous year’s poor results.

"Milk prices, while still significantly lower (-15%) than their 2022 levels, were up 17% on 2023".

The CSO report also details that significant price increases were seen in the terms of sheep - up 18%, potatoes up by 8% and fresh vegetables up by 9%.

According to Griffin there was also "considerable movement" in output volumes last year with both poultry and cereal volumes up 10%, while pig volumes grew by 8%, and potato volumes increased by 12%.

At the same time farmers also benefitted from a fall in some costs -  which were down 4% or by €290 million.

Griffin added: "The cost of many inputs fell, due mainly to lower prices.

"The cost of feeding stuffs, the largest individual cost to the sector, decreased by €148 million as prices dropped by 13%," she said.

The CSO Regional Accounts for Agriculture 2024 report also details that milk and cattle are the "two main contributors" to the value of agricultural output at basic prices.

Last year the Border region  - Cavan, Donegal, Leitrim, Monaghan, and Sligo - saw the largest growth rate worth €168 million in the value of agricultural output followed by the Midland region - Laois, Longford, Offaly, and Westmeath, where it grew by €129 million.

Milk accounted for an additional €64 million of the Border region’s increased output and €68 million of the Midland’s.

The South-East including Carlow, Kilkenny, Waterford, and Wexford had the lowest growth rate in agricultural output at €128 million despite milk contributing an additional €103 million to the region in 2024.

It was also the only region where the value of crops fell by €8 million.