The agriculture and fisheries sector shrank 3.3 percent in the second quarter of 2024 on lower production of rice and corn, the Philippine Statistics Authority (PSA) said Wednesday.
It followed the 0.05-percent decline in the first quarter of 2024 and 1.2-percent drop in the second quarter of 2023. Agriculture and fisheries represent about a tenth of the Philippines gross domestic product.
“This was due to the annual decreases in the values of crops and livestock production during the period. Meanwhile, values of poultry and fisheries production posted annual increments,” the PSA said
Crop production fell 8.6 percent year-on-year in the second quarter of 2024. It contributed 53.2 percent to the total value of agriculture and fisheries production.
“Declines in the value of palay and corn production were registered at 9.5 percent and 20.3 percent annually, respectively,” the PSA said.
Livestock production also declined 0.3 percent from a year ago and comprised 15.3 percent of the total value of production in agriculture and fisheries sector.
Hog output decreased 0.2 percent year-on-year.
Poultry production increased 8.7 percent in the second quarter and accounted for 16.9 percent of the total value of production in agriculture and fisheries sector.
Fisheries also rebounded by 2.2 percent in the second quarter and accounted for 14.6 percent of the total value of production in agriculture and fisheries sector.
The PSA will release the second-quarter GDP data on Thursday.
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