Gross farm income reflects the total value of agricultural output. Net farm income (NFI)—which reflects income from production in the current year—is calculated by subtracting farm expenses from gross farm income. NFI considers both cash and non-cash income and expenses. NFI is forecast to be $50.9 billion in 2015 ($55.9 billion in nominal terms), down 39 percent from the 2014 estimate (38 percent in nominal terms).
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