Slovak agriculture recorded loss of €4.7 million in 2014

SLOVAK agriculture recorded a loss of €4.7 million in 2014, which was an increase of €2.2 million when compared to the loss reported in 2013, according to the Agriculture and Rural Development Ministry’s report on agriculture and the food industry.

Harvest in SlovakiaHarvest in Slovakia (Source: SITA)

Last year’s revenues from agriculture declined by 2.7 percent year on year (y-o-y) to €2.285 billion, while expenditures fell by 2.6 percent y-o-y to €2.289 billion.

“The year 2014 was characterised by reductions in the prices of agricultural commodities, which was not compensated for by significant growth in natural production,” the TASR newswire quoted the ministry as saying.

Added value in agriculture also decreased by 7.8 percent y-o-y to €386.5 million. “The share of total revenues taken up by subsidies amounted to 30.9 percent, which at least partially compensated for the losses, otherwise the majority of agricultural companies would have been unprofitable,” the ministry added.

Conversely, Slovakia’s forestry industry recorded a profit of €51.62 million in 2014, which was an increase of €20.09 million y-o-y.

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