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November 27, 2018FARM INCOME, 2017 [REVISED] Statistics Canada has released revised annual results for farm incomes in Canada in 2017. Net farm income in Canada was $8.2 billion on farm cash receipts of $62.0 billion. Canadian farm cash receipts were up by 2.3 per cent while operating expenses (after rebates) grew by 3.0 per cent.
In Nova Scotia, farms reported net loss of $20.2 million on cash receipts of $564 million. Nova Scotia farm cash receipts fell by 5.1 per cent - the largest among the provinces - while operating expenses (after rebates) rose by 0.6 per cent.
Nova Scotia farm net incomes amounted to -3.6 per cent (3.6% loss) of farm cash receipts in 2017, down from 1.0 per cent of farm cash receipts in 2016. National average net farm income was 13.2 per cent of farm cash receipts in 2017, down from 14.0 per cent in 2016. The highest net farm income as a share of farm cash receipts was reported in Saskatchewan at 19.0 per cent.
The composition of farm cash receipts is different in Nova Scotia from the national average. Across the country, grains (wheat, oats, barley, rye, flaxseed) make up the largest farm cash receipts, followed by cattle and calves. In Nova Scotia, dairy products and vegetables make up the largest cash receipts (though poultry and hogs are not reported individually and may appear in other livestock).
Increases in both crop and livestock sales contributed to growth in national farm cash receipts in 2017. In Nova Scotia, the largest gains in farm cash receipts were reported in dairy products, vegetables, and apples. Farm cash receipts for furs in Nova Scotia declined from $54.5 million in 2016 to $29.3 million in 2017.
Farm Income, 2017 (revised data)
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