Perspectives on Agriculture’s GDP performance in Q4 2023

The release of the country’s GDP results for the final quarter of 2023 brought several surprises, which we unpack in this Brief. For the total economy, GDP increased by 0.1% in the fourth quarter of 2023. For the full year 2023, GDP expanded by 0.6% in real terms. The big surprise, however, was that agriculture contracted by 12.2%. While BFAP has long since projected a decline, we believe this contraction was more in the region of 3-5%. 

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