Agriculture sector remains lowest contributor to GDP in 2020

The agriculture sector continued to be the lowest contributor to the country’s gross domestic product among the three major industries of the economy, according to the Philippine Statistics Authority.

Based on its latest Agriculture Indicators System, the PSA reported that the agriculture, forestry and fishing sector accounted for a 10.2 percent share, a slight increase compared to its 9.2 percent GDP contribution in 2019.

The performance of the sector is measured through the year-on-year growth of its gross value added, which refers to the difference between the gross output and intermediate consumption used in the production process.

Last year, the gross value added in the sector stood at 1.78 trillion pesos. The continued weakness is mainly due to reductions in the livestock sector.

The services sector posted the largest GDP contribution with a 60.7 percent share with a gross value added of 10.6 trillion pesos.

Source: https://www.philstar.com/business/2021/06/18/2106216/agriculture-sector-remains-lowest-contributor-gdp-2020

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.