Insee Première · July 2024 · n° 2001

Second estimates for 2023 Agricultural Accounts Prices are falling for cereals and slowing down for inputs

In 2023, according to the second estimates for 2023 agricultural accounts, agricultural production should decline by 1.5%, in a global context of backdrop of cereals and commodity prices, after two years of strong increases.

Crop production should grow by 6.3% in volume. Overall, crop production is expected to fall by 5.8% in value, due to a 11.4% drop in prices. Animal production should rise by 4.9% in value, due to a 6.8% increase in prices, compensating for a 1.8% drop in volumes.

Intermediate consumption in value should rise by 1.3%. Fertiliser prices should rise again, but animal feed and energy prices should fall. After increasing for two years, value added in the agricultural sector is expected to fall, as production is down, while intermediate consumption is up. Overall, according to the second estimates for the 2023 agricultural accounts, gross value added at factor cost per worker in real terms should fall by 9.6%, after rising by 8.7% in 2021 and 14.4% in 2022.