The CSO’s first estimate of operating surplus in agriculture in 2017 shows an annual increase of 33.7pc.
The main drivers of the change were milk and livestock outputs, which increased by 39.2pc and 6.6pc, respectively.
Goods output at producer prices increased by 12.8pc or €903m and is valued at €7,961m in 2017
Milk was the largest contributor to the growth in goods output. Milk output increased by €702m in the year, with prices up by 28.3pc and volume up by 8.6pc.
It comes as new Teagasc figures revealed dairy family farm incomes have hit a phenomenal average record high of more than €90,000.
The significant increase was helped by payments for a litre of milk surging by 30pc to 36c a litre.
The value of cattle output increased by 6.3pc and is estimated at €2,425m. This is an increase of €143m over 2016, driven by improved prices (+2.7pc) and a higher volume of production (+3.8pc).
Pig output increased by 11.2pc to reach €520m, mainly due to improvement in prices.
The CSO figures also show that expenditure on commercial feedingstuffs increased by 5.1pc to reach €1,420m, mainly due to an increase of 7.0pc in the volume of consumption
Expenditure on fertilisers amounted to €505m in 2017, a decrease of 0.6pc on 2016. This was in spite of an increase of 11.3pc in the volume of fertilisers used.
The costs of energy and lubricants increased by 5.3pc or €20m following a rise in oil prices.
Source: Farm Ireland