The Philippine Statistics Authority (PSA) reported a 2.2% contraction in agricultural output for the fourth quarter of 2024, marking the third consecutive quarterly decline. This contraction, while narrower than the previous two quarters, is expected to have impacted full-year economic growth, which likely fell short of the government's target of 6.0-6.5%. Crops, livestock, and fisheries all contributed to the decline, although poultry production saw growth.
AGRICULTURAL output fell for a third straight quarter in the last three months of 2024, the Philippine Statistics Authority reported on Tuesday, underlining expectations that full-year economic growth likely missed the target.The PSA will release preliminary fourth quarter and 2024 gross domestic product growth data this Thursday. Analysts have said that while the final quarter would have improved from July-September's disappointing 5.
2 percent lower compared to the same period in 2023 and was said to have been driven by a 7.3-percent drop in hog output.Fisheries, with a 12.9-percent share, fell by 2.1 percent to P62.55 billion.Poultry production, on the other hand, grew by 6.1 percent in October-December to P71.81 billion, with chicken output up by 5.0 percent. The sector accounted for 14.8 percent of total farm output.For the full year, the value of agriculture and fisheries production also fell by 2.
AGRICULTURE ECONOMY GDP PHILIPPINES PHILIPPINE STATISTICS AUTHORITY
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