IFF: agricultural production forecasts reach record heights

Agricultural production will reach a total of NIS 26 bilion. However after deduccting the expences, a 10% drop from the2009 level is expected
 
The Israeli Farmers Federation (IFF) issued last week its 2010 agricultural production forecast, estimating a record-breaking production of NIS 26 billion. According to the forecast, produced by IFF chief economist, Rachel Borushek, agricultural production will mark a 2% increase, compared to 2009 and reach a total of NIS 26 bilion.
 
Borushek noted, however, that after deducting input costs, equipment renewal and labor wages, the Israeli farmers are left with NIS 6 billion, a 10% drop from the2009 level. According to Borushek, the drop is for the most part due to the increase in the cost of raw materials, especially in the second half of the year, sharp changes in foreign currency rates and natural damage to the produce, in particular as a result of the heat wave that struck Israel at the end of the summer causing the loss of complete harvests in some cases.