Farm cash receipts in Manitoba grew at one of the slowest paces in the country over the first nine months of this year, according to Statistics Canada figures released today.
The agency said receipts rose by one per cent to $3.77 billion from $3.73 billion in the same period in 2011.
That was the second smallest increase among the nine provinces that posted nine-month gains. It was also well below the national average increase of 6.1 per cent — $38.4 billion versus $36.2 billion.
Farm cash receipts measure gross revenue for farm businesses from the sale of grain and livestock and from government support programs. They do not represent farmers’ bottom line, as they still have to pay their expenses for things like fertilizer and fuel, pay loans, and cover depreciation of their equipment.
Statistics Canada also released the preliminary farm net income numbers for 2011 today. They showed a 17.2 per cent drop in net income for Manitoba farmers last year — $499 million versus $603 million.
The agency said although cash receipts rose by 2.2 per cent in 2011, farm expenses grew at an even faster pace — 4.6 per cent.
Manitoba’s decline was in sharp contrast to what happened at the national level last year, where net income jumped by 53.1 per cent to $5.7 billion.