Preliminary 2011 agriculture accounts: higher output, but a steep rise in costs

The 2011 agricultural year saw a recovery in livestock prices. Crop prices stabilized. Nominal agricultural production, including subsidies, rose 5%. However, farmers' costs rise steeply because of the surge in animal-feed, fertilizer, and fuel-oil prices. Overall, agriculture income is projected to weaken after its robust rebound in 2010. Agriculture employment, meanwhile, continues to decline. Estimates based on the preliminary agriculture account point to a 3% real decline in net agricultural income (or net value added at factor cost) per economically active person in 2011.