It does not include noncash items-including changes in inventories, economic depreciation, and gross imputed rental income of operator dwellings-reflected in the net farm income measure.Ĭash receipts from the sale of agricultural commodities are forecast to decrease by $23.6 billion (4.3 percent, in nominal terms) from a forecast record high of $543.4 billion in 2022 to $519.9 billion in 2023. Net cash farm income encompasses cash receipts from farming as well as cash farm-related income (including Government payments) minus cash expenses. Despite the decrease, net cash farm income in 2023 would be 15.4 percent above its 2002–2021 average of $130.5 billion. When adjusted for inflation, 2023 net cash farm income is forecast to decrease by $44.7 billion (22.9 percent) from a forecast record high of $195.3 billion in 2022. This follows a forecast increase of $40.4 billion (27.0 percent) from 2021 to 2022. Net cash farm income is forecast at $150.6 billion in 2023, a decrease of $39.4 billion (20.7 percent) relative to 2022. Despite this expected decline, net farm income in 2023 would be 26.6 percent above its 20-year average (2002–2021) of $108.1 billion in inflation-adjusted dollars. After adjusting for inflation, net farm income is forecast to decrease $30.5 billion (18.2 percent) in 2023 relative to 2022. This follows a forecast increase of $21.9 billion (15.5 percent), from $140.9 billion in 2021 to $162.7 billion in 2022. Net farm income, a broad measure of profits, is forecast at $136.9 billion in calendar year 2023, a decrease of $25.9 billion (15.9 percent) relative to 2022 in nominal (not adjusted for inflation) dollars. Farm Sector Profits Forecast to Fall in 2023 Farm Sector Income & Finances: Highlights from the Farm Income Forecast, February 7, 2023. Department of Agriculture, Economic Research Service. Suggested citation for linking to this discussion:
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