Agriculture in the midst of major price changes in 2022
According to Statistics Finland, the prices of both agricultural products and production inputs rose rapidly this year. As a result, the value of agricultural output at basic prices increased by about 30 per cent from the previous year. The value of intermediate use increased by 36 per cent, especially thanks to energy, fertilizers and feed. Gross value added of agriculture calculated at current prices rose by 8 per cent. Thanks to the crisis support for agriculture, entrepreneurial income increases by about 25 per cent from the level of the crop failure year 2021.
Key selections
- The value of output in agriculture rose by around 30 per cent in 2022, while intermediate consumption costs went up by 35 per cent.
- The normal grain crop, the nearly doubled price of cereals and the crisis support for agriculture kept the industry afloat in 2022.
- Entrepreneurial income from agriculture in 2022 calculated at current prices grows compared to the crop failure year 2021, but it is still around EUR 100 million below the average for 2010 to 2022.
The economic accounts for agriculture have been revised
The biggest revisions to economic accounts for agriculture concerned data describing intermediate consumption. Fuel and fodder costs, in particular, decreased from preliminary estimates. The data source for intermediate consumption is largely Statistics Finland's statistics on the finances of agricultural and forestry enterprises, which for the reference year 2021 were published on 28 February 2023. Based on these data, intermediate consumption became revised in 2021 around nine per cent below the preliminary estimate.
In 2022, the revision was even larger. Revisions to the data for 2022 are expected in spring 2024 when the statistics on the finances of agricultural and forestry enterprises for 2022 are released. Output data remained almost in line with preliminary estimates, so as a result of lower intermediate consumption, gross value added and entrepreneurial income in agriculture grew considerably compared to the preliminary data released in December 2022.
Tables
Economic Accounts for Agriculture 2021 - 2022
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- Economic Account for Agriculuture
- Economic Account for Agriculuture
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