Preliminary 2012 agriculture accounts: cereal crops up in volume and price

The 2012 agricultural year saw abundant cereal crops and a steep rise in their prices. The volume of other crops and livestock production declined. Their prices recovered, except for milk prices. Overall, nominal agricultural production, including subsidies, was up 5% from 2011. At the same time, farmers' expenses continued to rise, owing to the surge in fuel-oil and animal-feed prices. As in 2011, net agricultural income will probably have increased. Agricultural employment is still trending down. Estimates based on the preliminary agriculture accounts point to 4% growth in real net agricultural income (or net value added at factor cost) per economically active person in 2012, which is thus likely to have exceeded its previous peaks. This uptrend, however, reflects wide individual disparities.