The provisional figures suggest that income dropped from £336m in 2013 to £283m in 2014.

Total gross output for agriculture in Northern Ireland feel by 3% in 2014 to £1.89m, driven by a 3% decline in the value of output from the livestock sector as a whole in 2013. The output value of cattle fell by 15% in 2014 to £376m, the result of a 5% fall in volume combined with an 8% decrease in the average producer price.

Commenting on the statistics, NI's Agriculture Minister Michelle O’Neill said: “Farmers have had a very tough time over the past year. The total income from farming figure has significantly reduced and the farm level estimates show that all sectors have been affected."

Dairying remained the largest contributor to the total value of Gross Output in 2014, increasing by 2% to £654m. The annual average farm-gate milk price decreased by 6% in 2014 to 29.7 pence per litre, but the volume of raw milk produced increased by 9% to 2.20bn litres.

The value of sheepmeat output saw an increase of 1% in 2014 to £67million. The volume of sheepmeat produced was similar to 2013 but was produced from 3% fewer sheep due to an increase in average slaughter weight per animal. The average producer price of finished sheep was unchanged in 2014 at £3.48 per kilogram.

The value of pig output increased by 1% to £13m. The value of eggs output increased by 12% to £76m, however the value of output from the poultry sector decreased by 3% to £258m. All three sectors recorded an increase in production volumes, with pigs up by 4%, poultry by 4% and eggs by 15% compared with the previous year. However, producer prices in the, pigs, poultry and eggs sectors fell by 4%, 8% and 2% respectively.

The total output value for field crops fell in 2014 by 19% to £64m. The value of output of potatoes in 2014 declined by 28% to £19m, the value of output for wheat decreased by 13% to £10m and the output value of barley fell by 20% to £20m.

The estimated value of the 2014 Single Farm Payment was £246m, representing a decrease of £20m, or 7.4%, when compared with 2013, due to the less favourable exchange rate between Sterling and the Euro.

In 2014, the total cost of fertilisers fell by 19% as a result of a 18% decrease in the volume purchased combined with a 2% reduction in the average price per tonne paid.

Total machinery expenses decreased by 1% to £154m in 2014. The decrease was due to a 2% reduction in the cost of fuel and oils.

Minister O'Neill commented: “Falling prices have been the major contributor to this downturn. Fluctuating markets is not a new problem, but it remains a very difficult issue for farmers to address."

She added: “There has been a recovery in beef prices of late and there are early signs that global dairy prices are perhaps beginning to improve at last, which is encouraging. Nevertheless, I intend keeping pressure on the Commission to respond more positively to the financial problems facing farmers.”