Crop receipts are also forecast to have grown 4 per cent to $56.0 billion while operating expenses went up only 2 per cent to $74.9 billion, well below the 20 per cent increase seen in 2022.
A new report by Agriculture and Agri-Food Canada says overall farm income reached a new record last year. The agriculture sector continued to show very strong overall economic performance in 2023, despite numerous challenges, including droughts in western Canada, Russia’s continuing war on Ukraine, and other global conflicts. For 2023, Net Cash Income (NCI), the main metric Agriculture and Agri-Food Canada uses to measure farm income, is forecast to have increased 13 per cent to a new record of $24.8 billion. The largest driver is a forecasted increase in livestock receipts of almost 10 per cent, to $37.3 billion. Crop receipts are also forecast to have grown 4 per cent to $56.0 billion while operating expenses went up only 2 per cent to $74.9 billion, well below the 20 per cent increase seen in 2022. The average Net Operating Income (NOI) per farm, increased by 17 per cent in 2023 to $155,000, compared to $132,000 in 2022. This increase is 34 per cent above the 2018-2022 average. Average farm family income, which includes income earned off-farm, is forecast to have increased by 11 per cent to $239,000 in 2023.
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