Published: December 07 2023
Despite falling prices, the farm sector in Budapest experienced significant growth in 2023, with output rising by 6.5%. This growth can be attributed to an increase in volume, particularly in crop production.
Factors contributing to growth
The volume of the farm sector in Budapest increased by 25% in 2023. This significant increase can be primarily attributed to a 44% increase in crop production. However, the volume of live animals and animal products experienced a slight decline of 0.5%.
Impact on prices
While the volume of the farm sector increased, prices fell by 15%. This decline in prices may have influenced the overall growth of the sector.
Gross value added and labor input
Gross value added in the agricultural sector saw a substantial increase of 19%. On the other hand, labor input in agriculture decreased by 4.1%. These factors may have contributed to the overall productivity and efficiency of the sector.
Conclusion
Despite falling prices, the farm sector in Budapest experienced significant growth in 2023. This growth can be attributed to an increase in volume, mainly driven by crop production. The decline in prices and decrease in labor input, coupled with the rise in gross value added, showcase the sector's resilience and efficiency.
Questions & Answers
What was the growth rate of Hungary's farm sector in 2023? The farm sector in Hungary experienced a growth rate of 6.5% in 2023.
What was the total output of Hungary's farm sector in 2023? The total output of Hungary's farm sector in 2023 was 4,334 billion forints (EUR 11.4bn).
What were the factors contributing to the growth of Hungary's farm sector in 2023? The growth of Hungary's farm sector in 2023 was primarily driven by an increase in volume, which rose by 25%.
Did the prices in Hungary's farm sector increase or decrease in 2023? Prices in Hungary's farm sector actually fell in 2023, experiencing a decrease of 15%.
How did crop production contribute to the growth of Hungary's farm sector in 2023? Crop production played a significant role in the growth of Hungary's farm sector in 2023, with the volume of crop production increasing by 44%.
What about the volume of live animals and animal products in Hungary's farm sector in 2023? In contrast to crop production, the volume of live animals and animal products in Hungary's farm sector slightly decreased by 0.5%.
What was the gross value added to Hungary's farm sector in 2023? The gross value added to Hungary's farm sector in 2023 increased by 19%.
Was there any change in the labor input in Hungary's agriculture in 2023? Yes, there was a decrease of 4.1% in the labor input in Hungary's agriculture in 2023.
