May 8, 2019 / 1:42 AM / in 2 months

Philippines Q1 agriculture output growth slows to 0.67 pct y/y

MANILA, May 8 (Reuters) -

* Philippines’ agriculture sector’s output grew 0.67 percent in the first-quarter, slower than the revised 1.08 percent growth in the same period of last year, the country’s statistics agency said on Wednesday.

* Three sub-sectors — livestock, poultry, fisheries — posted growth, while crops, which accounts for about half of agriculture’s total output, contracted by a percent.

* The country’s paddy rice harvest during the March quarter dropped 4.46 percent from a year earlier to 4.417 million tonnes, below the agency’s forecast of 4.645 million tonnes for the period based on standing crop.

* Agricultural output accounted for about a tenth of the country’s gross domestic product (GDP) in the recent years. The government will release first-quarter GDP data on Thursday.

* Economic growth probably slowed to 6.1 percent during the March quarter from a year earlier, a Reuters’ poll showed,down from 6.3 percent in the fourth quarter, partly due to a delay in approval of the national budget. (Reporting by Enrico dela Cruz; editing by Uttaresh.V)

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