Agriculture sector factor income increased by 14% in 2009
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Factor income consists of the market value of agricultural output as perceived by producers, plus subsidies received by the sector and netted of production costs, capital consumption and production losses. This income at current market prices registered an increase of 14.0 per cent in 2009 when compared to the previous year, to stand at €69.9 million. The main contributor to this increase was a drop in intermediate consumption. In 2009, entrepreneurial income (+15.0 per cent) absorbed 93.7 per cent of the total factor income. Dependence on subsidies fell by 2.3 percentage points, from 31.0 per cent in 2008 to 28.7 per cent in 2009.
A €2.9 million decline (-2.1 per cent) in the market value of gross agricultural production was registered in 2009. Characterising this result were declines of 6.5 per cent and 2.3 per cent in the market value of animal and crop products respectively. On the other hand, the value of livestock products rose by 0.6 per cent.
Total intermediate consumption, which indicates the value of operational costs, decreased by 13.1 per cent to €69.7 million in 2009. This was due to a drop in the costs of animal feeding stuff. Total subsidies absorbed by the industry in 2009 amounted to €20.1 million, an increase of 5.6 per cent from €19.0 million in 2008. Subsidies not directly linked with production rose by €5.6 million in 2009. On the other hand, subsidies on production declined by €4.5 million, mainly due to lower amounts received in respect of livestock production.