Teagasc has forecast that the average farm income will rise by 30% to €32,200 in 2024.

Dairy incomes are set to rise by 46% to €86,000. Milk prices are projected to improve to average almost 46c/l, excluding VAT, at actual solids.

Tillage incomes are also forecast to increase in 2024 by 67% to €50,000, on average, as production costs are set to fall.

Suckler and beef finishing farms are expected to see incomes increase by 12% and 8%, respectively, while an 8% income improvement is expected on sheep farms. Forecasted incomes are inclusive of direct payments.