Average farm incomes dropped by 15 percent over the past year, according to economists at Teagasc.
Its annual review and outlook says adverse weather conditions negatively impacted on agricultural production over the course of the past year.
Dairy farms were the worst affected, where the average income decreased by an average of 22 percent, however, dairy incomes remains considerably higher than other sectors averaging €67,000.
Gross margins on suckler farms are estimated to be down 19pc this year at €11,670, while tillage incomes were up on average by 6% this year.
Overall, Teagasc is predicting that the average farm income will recover by 8 percent in 2019, with the assumption that weather returns to normal.