Agriculture grows at a way slower pace in Q1
Philippine Statistics Authority (PSA) said the agriculture sector slowed down in the first quarter of 2018, growing only by 1.47 percent compared to the growth of 5.28 percent it had in the same period last year.
Still, the gross value of agricultural production went up by 8.94 percent to P444.0 billion as prices of commodities shoot up during the period.
Contributing to the sector’s performance were the production gains in the crops, livestock and poultry subsectors, which were generally lackluster.
For instance, the crops subsector, which contributed 53.76 percent to total agricultural output, only went up by 1.79 percent, compared to the whopping 8.13 percent growth last year.
Palay and corn posted production increases of 4.61 percent and 4.66 percent, respectively.
Slight improvements in production were also noted among the major crops such as coconut, banana, pineapple, tobacco, abaca, peanut, mongo, tomato, eggplant and rubber, PSA said.
The subsector grossed P252.2 billion at current prices, up by 8.24 percent from previous year’s record.
The livestock subsector, on the other hand, registered a 2.11 percent growth in output, also lower compared to the 3.24 growth it had in the same period last year, while the poultry subsector, production expanded by 5.24 percent.
Meanwhile, production in the fisheries subsector declined by 4.61 percent, coming from a measly growth of 1.16 percent in the same period last year.