Insee Première · December 2024 · n° 2024

First estimates for the 2024 agricultural accounts Poor harvests and falling prices

According to the first estimates for 2024 agricultural accounts, production should fall by 7.5% in current euros: the fall in prices comes with a drop in volume.

Crop production is expected to fall by 6.8% in volume: unfavourable weather conditions strongly affected both wine and field crop production. Moreover, crop prices should fall by 6.8%, leading to a sharp drop of 13.1% in crop production in value. Animal production should decline by 1.4% in value. Having risen sharply in previous years, animal prices are now expected to fall (-2.3%), more than compensating for a very slight rebound in volume (+0.9%).

Intermediate consumption should fall by 8.0% in value. The significant reduction in price should allow for a recovery in volume. As in the previous year, value added in the agricultural sector is expected to fall, as production falls more than intermediate consumption. Overall, according to the first estimates for the 2024 agricultural accounts, gross value added at factor cost per worker in real terms should fall by 7.7% in 2024, after a 9.6% drop in 2023. It had risen by 8.7% in 2021, then by 14.4% in 2022.