Archive:Agricultural accounts and prices

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<Introduction: simple language, not too long, kind of executive summary> This chapter gives an overview of indicators on agricultural output and income and of agricultural prices in the EU. The data are extracted from Eurostat collections of agricultural statistics in the form of economic accounts for agriculture (EAA), agricultural price indices (API) and absolute agricultural prices. The EAA is a satellite account of the European System of Accounts (ESA 1995). It covers the agricultural products and services produced during the accounting period sold by agricultural units, held in stocks on farms, or used for further processing by agricultural producers. The concepts of the EAA are adapted to the particular nature of the agricultural industry: for example, the EAA includes not only the production of grapes and olives, but also the production of wine and olive oil by agricultural producers. It includes information on intra-unit consumption of crop products used in animal feed, as well as output accounted for by ownaccount production of fixed capital goods and own final consumption of agricultural units. EAA data are used to calculate income indicators for the agricultural sector. Agricultural price statistics provide information on the trend in producer prices of agricultural products and purchase prices of the goods and services consumed by agriculture in the production process. Data on prices are available for single commodities and for larger aggregates in the form of absolute prices and price indices. Both annual and quarterly time series are published in the free dissemination database on the Eurostat website.

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Agricultural income

Introduction

Indicator A is the real net value added at factor cost of agriculture per annual work unit (AWU). The net value added at factor cost (factor income) is calculated by subtracting the consumption of fixed capital from gross value added at basic prices and adding the value of (other) subsidies, less taxes on production. The AWU is defined as the work volume corresponding to one fulltime worker.

Output of the agricultural industry comprises output from agricultural production and output from non-agricultural secondary activities that are inseparable from the main agricultural activity.

The comparability of data over time is affected by types of subsidies, as product-related subsidies are included in the results in basic prices, whereas general subsidies are only included in income. The shift in types of subsidies from product to production was mainly implemented in 2005 and 2006.

The comparability of factor income and the indicator A is not affected by these changes.

Long-term trends

The agricultural income in the EU-27 has experienced both positive and negative developments in recent years. Compared to 2005, the agricultural income per annual work unit rose by more than 10 % in 2007, 2008 and 2010, but decreased by 1.5 % in 2009.

For 2011, the recent increase brings Indicator A to a level of 119.1 (2005 = 100), following a rise of 11.4 % in 2010. For the EU-15 the level of Indicator A is now higher in 2011 than in 2005 (+ 6.7 %), after reaching 103.7 % last year.

Based on the second estimates provided by the Member States, indicator A in 2011 showed different developments among countries compared to 2005. On this basis, the Member States can be divided into two groups: • The first group includes those countries for which agricultural income in 2011 is above the level recorded for 2005. This group comprises twenty Member States. In fifteen of these countries, the level of agricultural income attained in 2011 is more than 20 index points higher than in 2005, ranging from + 88.7 % in Estonia to + 21.7 % in Finland (Estonia, Hungary, Poland, the Czech Republic, Bulgaria, the United Kingdom, Latvia, Lithuania, Romania, Denmark, Slovakia, Germany, Sweden, Austria and Finland). • The second group includes the other seven Member States where agricultural income in 2011 is below the level recorded for 2005. This group includes Luxembourg, Malta, Greece, Portugal, Italy, Cyprus and Spain. In these countries, the fall in indicator A ranged from – 23.3 % in Luxembourg to – 2.5 % in Spain.

Recent trends

According to the latest information collected by Eurostat, indicator A is estimated to have risen by 7.1 % in the European Union (EU-27) in 2011 compared with the previous year, following an increase of 13.0 % in 2010. In 2011, the biggest increases were seen in Romania (+ 56.8 %), Hungary (+ 49.2 %), Ireland (+ 27.5 %) and Luxembourg (+ 24.7 %). The biggest decreases, on the other hand, were recorded in Belgium (– 22.5 %), followed by Malta (– 14.0 %), Portugal (– 10.3 %) and the Netherlands (– 8.9 %).

The 7.2 % increase in the value of agricultural output in basic prices is due to higher prices (+ 5.1 %), while the volume is up by 2.0 %. The value of agricultural output in producer prices increased by 7.4 % in real terms between 2010 and 2011. The value for crop output, which accounts for 52.8 % of total output, rose by 7.0 % at basic prices, while animal output, which accounted for about 40 % of total output, was up 8.2 %. The increase in animal output value was a consequence of higher producer prices (7.6 %), although volume increased by only 0.8 %. The output value of agricultural services grew by 0.7 %, although inseparable non-agricultural secondary activities increased in value by 4.2 % compared to 2010. The value of intermediate consumption of goods and services rose by 9.4 % in 2011. This is due to a combination of higher prices (+ 8.8 %) and a slightly higher volume (+ 0.5 %) according to the second estimates. Higher prices were observed for feedingstuffs (+ 16.2 %) and fertilizers and soil improvers (+ 15.5 %).

Consumption of fixed capital (‘depreciation’) was slightly lower (– 0.1 %) than in 2010. The value of overall subsidies (productspecific subsidies and other subsidies on production) was up by 0.5 % and worth some EUR 55.5 billion in 2011, accounting for around 39 % of the factor income. As a result, real agricultural factor income, which is an Indicator A component, increased by 4.2 % compared to the previous year. With the reduction in agricultural labour input (− 2.7 %), Indicator A is estimated to have risen by 7.1 %.

In 2011, gross value added (GVA) at producer prices amounted to more than EUR 148 billion in the EU-27. 83.3 % of this value is generated in the EU-15, although there has been a slight decline in the share since 2000. France, Italy and Spain together produce almost 58 % of the GVA of agriculture in the EU-15. Between 2000 and 2011, the value of all agricultural subsidies (product subsidies and other production subsidies) recorded in 2010 in the EU-27 amounted to EUR 55.5 billion. The share of new Member States in the total value of subsidies paid to agricultural producers rose from 3 % to 17.7 %. The type of subsidies has changed over time from subsidies on product to subsidies on production. In 2000, the subsidies on products accounted for EUR 26.6 billion, compared to only EUR 4.7 billion recorded in 2011. Other subsidies on production grew from EUR 12 billion to EUR 50.9 billion during the same period.

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