Agri growth goal missed
The countrys farm output ended flat in 2022, underperforming the governments expectation of more than 1 percent growth, due to lower crops and fishery harvests.
In a report, the Philippine Statistics Authority (PSA) said agricultural production had dipped by 0.1 percent in 2022, recording a downtrend for three consecutive years following a meager increase logged in 2019. However, last years rate of contraction was smaller than the decline of 1.7 percent and 1.2 percent in 2021 and 2020, respectively.
In the fourth quarter of 2022 alone, farm sector output fell by 1 percent, reversing the 1.6-percent growth in the third quarter.
The value of agriculture and fishery production at constant 2018 prices stood at P1.756 trillion, slightly down from P1.758 trillion in the previous year.
The Department of Agriculture had anticipated a farm sector growth of 1.2 to 1.5 percent last year, riding on the growth of the livestock subsector.
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