This week we got the final figures for farm income for 2022 and Saskatchewan producers had a much better year than they did in 2021.
This is the time of year when we get the final tallies in a range of economic accounts for last year. It often takes StatsCanada the better part of a year to get all the final numbers that can be delayed by things like deferrals and tax filing deadlines. A few days ago, for example, we got last year’s GDP numbers.
This is the net farm income – so it comes after earlier reports on cash receipts and so on. This is the final, final version which includes accounting adjustments such as depreciation and inventory changes.
Coming on the heels of a drought in 2021, last year was a better one with more volume and higher prices.
In Saskatchewan, net farm income bounced from $315 million to more than $9 billion, a significant increase propelled in large measure by the value of carry-over or inventory in the bin at the end of the year. We also accounted for more than one-third of the net farm income in the country.