Real income from agriculture - first estimate, 2024
Real factor income in agriculture expected to increase
Compared to the previous year, the real factor income in agriculture is expected to be higher due to increased crop production and lower input prices. Factor income per annual work unit (AWU) is expected to be higher by almost a fifth.
Volume of crop production larger than last year
The value of crop production in 2024 is expected to amount to EUR 884 million, which is 6% more than the previous year. The main reason for the higher value is a larger production volume (by 9%) despite lower prices (by 3%). A smaller production volume is expected only for wine (by a tenth), while the production volume of cereals is expected to remain at the previous year’s level. For all other groups, an increase in production is expected, the highest for fruit, by almost half, as the harvest in the previous year was poor. The prices of crop production are expected to be lower by 3% on average. The largest price decline (by 9%) is anticipated for fodder crops, while the largest price increase is expected for fruit (by 4%).
For fodder crops, which are the largest group in crop production in terms of value, a 3% higher production value is expected due to a 13% larger volume.
Value of livestock production down due to lower prices
The value of livestock production is expected to decrease (by 4%) due to lower prices (by 4%), and it is expected to be worth EUR 724 million. A decrease in value for livestock (by 5%) and animal products (by 3%) is expected, with both aggregates being affected by 4% lower prices. For livestock, a smaller growth rate is expected across almost all categories, except for poultry, where it is estimated to increase slightly (by 1%). The largest decrease (by 3%) is expected for pigs.
For milk, which has the greatest impact on the value of animal products, a decline in value (by 4%) is expected due to lower prices (by 4%), with the production volume remaining unchanged compared to the previous year. The value of milk production is estimated at EUR 256 million.
For eggs, a decrease in value (by 4%) is expected due to lower prices (by 3%) and a slightly smaller production volume.
The value of total agricultural production in 2024 is estimated at EUR 1,607 million, which is slightly more (by 1%) than last year, due to a larger production volume (by 5%) and lower prices (by 3%).
Lower costs due to cheaper inputs
Compared to the previous year, input prices are expected to decrease this year (by 6%), which is expected to lead to a decline in the value of intermediate consumption (by 7%). Agricultural input consumption is also expected to be slightly lower. Due to lower prices, fertilizer costs are expected to decrease by more than a quarter, and feed costs by almost a tenth. An increase in expenditures is expected for seeds and seedlings (by more than a tenth), maintenance of machinery and equipment (by 3%), and veterinary costs (by 2%). The total intermediate consumption is estimated at EUR 954 million.
Higher factor income in agriculture
Due to the slightly higher value of agricultural production and lower costs, we predict that factor income in agriculture will increase by 17% over the previous year, if subsidies remain at the same level in real terms as in the previous year. Factor income per annual work unit (AWU) is expected to be higher by 19%. As in previous years, a slight reduction in employment (by 1%) is expected.
Tables with the latest data are available in the SiStat Database.
The value of crop production in 2024 is expected to amount to EUR 884 million, which is 6% more than the previous year. The main reason for the higher value is a larger production volume (by 9%) despite lower prices (by 3%). A smaller production volume is expected only for wine (by a tenth), while the production volume of cereals is expected to remain at the previous year’s level. For all other groups, an increase in production is expected, the highest for fruit, by almost half, as the harvest in the previous year was poor. The prices of crop production are expected to be lower by 3% on average. The largest price decline (by 9%) is anticipated for fodder crops, while the largest price increase is expected for fruit (by 4%).
For fodder crops, which are the largest group in crop production in terms of value, a 3% higher production value is expected due to a 13% larger volume.
Value of livestock production down due to lower prices
The value of livestock production is expected to decrease (by 4%) due to lower prices (by 4%), and it is expected to be worth EUR 724 million. A decrease in value for livestock (by 5%) and animal products (by 3%) is expected, with both aggregates being affected by 4% lower prices. For livestock, a smaller growth rate is expected across almost all categories, except for poultry, where it is estimated to increase slightly (by 1%). The largest decrease (by 3%) is expected for pigs.
For milk, which has the greatest impact on the value of animal products, a decline in value (by 4%) is expected due to lower prices (by 4%), with the production volume remaining unchanged compared to the previous year. The value of milk production is estimated at EUR 256 million.
For eggs, a decrease in value (by 4%) is expected due to lower prices (by 3%) and a slightly smaller production volume.
The value of total agricultural production in 2024 is estimated at EUR 1,607 million, which is slightly more (by 1%) than last year, due to a larger production volume (by 5%) and lower prices (by 3%).
Lower costs due to cheaper inputs
Compared to the previous year, input prices are expected to decrease this year (by 6%), which is expected to lead to a decline in the value of intermediate consumption (by 7%). Agricultural input consumption is also expected to be slightly lower. Due to lower prices, fertilizer costs are expected to decrease by more than a quarter, and feed costs by almost a tenth. An increase in expenditures is expected for seeds and seedlings (by more than a tenth), maintenance of machinery and equipment (by 3%), and veterinary costs (by 2%). The total intermediate consumption is estimated at EUR 954 million.
Higher factor income in agriculture
Due to the slightly higher value of agricultural production and lower costs, we predict that factor income in agriculture will increase by 17% over the previous year, if subsidies remain at the same level in real terms as in the previous year. Factor income per annual work unit (AWU) is expected to be higher by 19%. As in previous years, a slight reduction in employment (by 1%) is expected.
Tables with the latest data are available in the SiStat Database.
Value of agricultural output and intermediate consumption, Slovenia
1) Data are provisional.
Annual changes of the main agregates in agriculture, Slovenia, 2024 1)
1) Data are provisional. 2) The value of the GDP deflator, according to Eurostat data, is 103.014837063916. |
METHODOLOGICAL NOTE
The release was updated on 6 December 2024. The correction of statistical data is in the second footnote of the table regarding the value of the GDP deflator. We apologise for any inconvenience and thank you for your understanding.
Some values may not add up due to rounding.
Additional explanations are available in the methodological explanations.
Some values may not add up due to rounding.
Additional explanations are available in the methodological explanations.
When making use of the data and information of the Statistical Office of the Republic of Slovenia, always add: "Source: SURS". More: Copyright.
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