Farm Finance:

Financial Condition of American Agriculture as of December 31, 1987

RCED-89-33BR: Published: Oct 18, 1988. Publicly Released: Oct 18, 1988.

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Pursuant to a congressional request, GAO provided information on the financial condition of American agriculture as of December 31, 1987.

GAO found improvements in the farm sector, including: (1) increases in agricultural products' values, volumes, and exports; (2) increases in the value of total farm assets and gross farm income, as well as more favorable income and debt levels; and (3) less total outstanding farm debt and fewer nonperforming and delinquent farm loans. GAO also found that: (1) federal outlays to support the farm sector continued at a very high level in 1987; and (2) the severe 1988 drought had a significant effect on certain agricultural segments and could prolong financial stress for many farmers.

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