Agri faces ongoing volatilty - Danske

Danske Bank’s Agri Economic Outlook Breakfast at the Kingspan Stadium in Belfast heard of “multiple threats” in 2016, with the pressure on milk prices and uncertainty around a UK exit from Europe – the so-called ‘Brexit’ – of particular concern.

Head of agricultural relations John Henning said the sector must “play to its strengths”.

“Our farmers need to focus on what is in their control. That means farm efficiency, supply chain management, succession planning and making sure their business acumen matches technical performance.”

Danske chief economist Angela McGowan said the bank was forecasting growth of around 1.9 per cent over the course of the next year and around 1.2 per cent in 2017.

“We expect the global economy to grow by 3.3 per cent this year and 3.5 per cent next year as the world’s largest economies continue to grow. Chinese growth is expected to stabilise at 6.7 per cent and the US should grow by roughly 2.5 per cent. It is encouraging too that one of our main export markets, the Republic of Ireland, is now the fastest growing economy in Europe.”