New figures from the Central Statistics Office show that the value of Agricultural Output at Basic Prices is estimated to have increased by €2.5 billion to €12.6 billion in 2022 - a 24% increase.

The CSO said the increase was mainly due to big increases in the price of many agricultural outputs.

The CSO said that while today's figures are still provisional and will be revised in its final estimates in June, they are still an important update on the performance of the agricultural sector.

Based on today's figures, the CSO said it has estimated that the agriculture sector's operating surplus grew to €4.6 billion in 2022, an increase of 25% on 2021.

The CSO said it figures show that the value of livestock grew 14% to €4.5 billion last year.

With prices rising by 18% and a small contraction of 1% in output volumes, cattle accounted for the majority (€447m) of this growth, contributing €3 billion to the value of Agricultural Output.

Crop values rose by 13% to €2.4 billion as prices rose by 53% and volumes fell by 4%, while cereal values increased by 49% to €649m, the CSO said.

Meanwhile, with prices up by 45% and a 1% increase in production volumes, the value of milk rose by 46% to €5 billion, the CSO said.

On the input side of things, the CSO said that the price of Feeding Stuffs increased by 29% last year, and with volumes up by almost 2%, their cost grew by 31% to €2.4 billion.

Fertiliser prices saw the largest increase of all input costs, with costs jumping by 137%. This resulted in the cost of fertiliser almost doubling to €1.2 billion last year.

The CSO said that while significant information is still outstanding in relation to input costs, it is estimated that Intermediate Consumption costs for 2022 grew by 26% to €7.7 billion.