FARM PRODUCTION contracted for the first time in three quarters in April-June, marking its biggest drop in three years on a steep fall in crop output and signalling that the sector weighed on overall economic performance scheduled to be reported on Thursday morning ahead of the central banks fifth monetary policy review for the year.
FARM PRODUCTION contracted for the first time in three quarters in April-June, marking its biggest drop in three years on a steep fall in crop output and signalling that the sector weighed on overall economic performance scheduled to be reported on Thursday morning ahead of the central banks fifth monetary policy review for the year.
The Philippine Statistics Authority (PSA) reported on Wednesday that value of agriculture production contracted by 1.27% year-on-year to P98.496 billion last quarter, compared to a downward-revised 0.64% increase in January-March and an upward-revised 0.12% increment in the second quarter last year.
It was agriculture’s biggest quarterly contraction since a 2.21% output drop recorded in the second quarter of 2016.
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