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Economic Indicators of the Farm Sector, National Financial Summary, 1991

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  • Agriculture and Rural Economy Division, Economic Research Service

Abstract

Net farm income fell 12.5 percent in 1991 to $44.6 billion, while net cash income declined 5.4 percent to $58 billion. This was the first decline for either since 1984. (Both income concepts reflect cash income minus expenses. But, unlike net cash income, net farm income takes into account noncash items, such as the value of change in inventories.) Farmers experienced a general decline in prices received for their production, and crop production declined. The decline in value of production was about evenly split between livestock, as evidenced by the drop in receipts, and crops, reflected in the absence of additions to inventory. Direct Government payments fell 11.7 percent to continue a downward trend since the 1987 peak of $16.7 billion, more than twice the 1991 level. Production expenses remained virtually unchanged. Equity in farm assets declined in 1991 for the first time since 1986, as farm debt increased for the first time since 1984 and the value of farm assets dropped slightly.

Suggested Citation

  • Agriculture and Rural Economy Division, Economic Research Service, 1993. "Economic Indicators of the Farm Sector, National Financial Summary, 1991," Miscellaneous Publications 349203, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uersmp:349203
    DOI: 10.22004/ag.econ.349203
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