Economic accounts for agriculture - 2024 - final data

In 2024, the value of final output produced in agriculture decreased by 8.0% compared to the previous year to 9 707.5 million BGN. The value of crop output decreased by 9.5% on an annual basis to 6 447.6 million BGN, and the value of animal output amounted to 2 414.0 million BGN - by 4.8% decrease compared to the previous year.

1. PRODUCTION ACCOUNT

•  Output

In 2024, the value of final output produced in agriculture amounted to 9 707.5 million BGN, which was 8.0% lower than the previous year. The decrease was due to drop both in prices - by 4.7% and volumes - by 3.5%, compared to 2023.

The value of crop output was equal to 6 447.6 million BGN and represented 66.4% of the total value of agricultural output. The main share of crop output (80.2%) was from cereals and industrial crops, whose values were calculated at 3 411.5 million BGN and 1 758.0  million BGN, respectively.

Compared to 2023, the value of crop output was lower - by 9.5%, as a result of drop both in prices - by 6.1% and volumes - by 3.6%.

In 2024, the value of animal output amounted to 2 414.0 million BGN, which represent 24.9% of the final output in agriculture. Compared to 2023, the animal output decreased by 4.8% as a result of drop both in prices - by 3.1% and volumes - by 1.7%. The value of output of breeding of animals was 1 331.5 million BGN (55.2% of output in livestock), while the value of the produced animal products was equal to 1 082.5 million BGN (44.8% of the output in livestock). Compared to 2023, the value of breeding animals decreased by 2.3%, which was due to drop in prices - by 3.5%, while volumes increased by 1.2%. Compared to the previous year, value of produced animal products decreased by 7.7%, which was a result of a decrease both in volumes - by 5.1% and prices - by 2.7%.

• Intermediate consumption

In 2024, the value of goods and services currently consumed in agriculture amounted to 5 700.8 million BGN, which was 10.0% lower than the previous year. The decrease was due to the drop both in prices - by 2.9% and volumes - by 7.3%.

Compared to 2023, an increase in goods and services currently consumed in agriculture was registered only in seeds and planting stock - by 3.6%. The biggest decrease compared to the previous year was observed in fertilizers - by 17.6% and in veterinary expenses - by 24.5%.

•  Gross value added

In 2024 the gross value added produced in agriculture was equal to 4 006.7 million BGN. It was 5.0% lower than the previous year. The decrease was due to the drop in prices - by 7.1%, while volumes registered increase of 2.3% on an annual basis.

2. GENERATION OF INCOME ACCOUNT

In 2024, the net operating surplus/mixed income in agriculture amounted to 3 389.6 million BGN and was 6.1% lower compared to the previous year. The decrease was a result of the drop of gross value added produced in agriculture in 2024 compared to the previous year.

3. ENTREPRENEURIAL INCOME ACCOUNT

In 2024, the net entrepreneurial income in agriculture amounted to 977.0 million BGN, remaining at the level of the previous year, with minimal increase of 0.2%.

4. CAPITAL ACCOUNT

In 2024, the gross fixed capital formation in agriculture was equal to 1 133.1 million BGN and decreased with 16.1% compared to the previous year.

The bigger part of it - 1 085.6 million BGN (95.8%), represented gross fixed capital formation in non-agricultural products, of which in agricultural machinery, equipment and vehicles - 814.7 million BGN (71.9%), and in buildings - 268.9 million BGN (23.7%).

Gross fixed capital formation in agricultural products (permanent crops and productive animals) in 2023 amounted to 47.5 million BGN.

Methodological notes

The Economic accounts for Agriculture are satellite accounts in the framework of the National Accounts providing complementary information and concepts adapted to the particular nature of the agricultural industry. They are elaborated according to the Regulation (EC) 138/2004 and are adopted by Eurostat methodology presented in the Economic Accounts for Agriculture manual, 2024 edition. The following four accounts build up the architecture of the accounts: three accounts for current operations - Production account, Generation of income account, Entrepreneurial income account and one for accumulation - Capital account, and their sequence and exhaustiveness are provided for according to the European System of Accounts.

Main indicators

The main purpose of the elaboration of the economic accounts is the calculation of entrepreneurial income for the agricultural industry. The income is calculated in the frame of the mentioned three current accounts obtained as follows:

Crop output

+            Livestock output

+            Agricultural services

+            Non-agricultural secondary activities (inseparable)

=            Output of the agricultural ‘industry’

-             Intermediate consumption

=            Gross value added at basic prices

-             Fixed capital consumption

=            Net value added at basic prices

-             Compensation of employees

-             Other taxes on production

+            Other subsidies on production

=            Net operating surplus/mixed-income

-             Rents paid

-             Interest paid

+            Interest received

=            Net entrepreneurial income.

The output of the agricultural ‘industry’ represents all of the services and products produced by all units with agricultural activity. Data refer to the final output, which does not include goods and services produced and consumed by the same unit for the same period.

The economic accounts for agriculture do not include:

• Output of units engaged in the production of seeds upstream and downstream of multiplication for research or certification and propagation material for crops and livestock;
• Output of the certain activities which are considered as agricultural services - operation or irrigation systems, design, planting and maintenance of gardens, parks and green areas for sports facilities and like tree pruning and hedge trimming;
• Output of the form of agricultural work-in-progress for crops whose production is treated as a continuous process for the accounting period or for two calendar years;
• Non-agricultural output of agricultural units when the activities are separable.

The net income at factor cost (calculated as net value added at basic prices less other taxes on production plus other subsidies on production) measures the remuneration of all factors of production (land, capital, labour).

The net operating surplus/net mixed-income (calculated after deduction of compensation of employees and other taxes on production and adding other subsidies on production from the net value added at basic prices) measures the income of the use of land, capital and non-salaried labour input.

The net entrepreneurial income (calculated after adding to the net operating surplus/net mixed income the interests, received by agricultural holdings, operating as companies and deducting the interests and rents, paid by them) measures the compensation of non-salaried labour, the remuneration from land, belonging of agricultural holdings and the income from the use of capital.

Data on the economic accounts for agriculture are elaborated for the calendar year at current and at constant prices based on the previous year. Data are elaborated at a regional NUTS 2 level.

Sources of information

The main sources of information are the statistical surveys conducted by the NSI and surveys, carried out by the Agrostatistics Department at the Ministry of Agriculture and Food, as well. There are used data of State fund ‘Agriculture’ (Paying Agency) about financial support in agriculture.

 Annex

Table 1. Final output at basic prices - final data for 2024

 Figure 1. Variation of agricultural income indicators during the period

2007 - 2024