Government: Agriculture in Slovakia Posted Drop in Profits Last Year to €228 mn

Bratislava, November 9 (TASR) - According to preliminary data, Slovak agriculture achieved a positive pre-tax result last year, that is a profit of about €228 million, down by 38.3 percent compared to 2022, the Agriculture and Rural Development Ministry stated in a so-called green report on agriculture and food production in Slovakia in 2023. "Compared to the five-year average between 2018-2022, the result in 2023 was 40 percent higher and was mainly influenced by a 28-percent increase in sales of own-brand products of animal origin and a 20.1-percent increase in sales of vegetable products. Revenues from the sale of own products accounted for an average of 54 percent of the total revenues of primary agricultural production enterprises," the Agriculture Ministry said in the report. According to the ministry, subsidies played a significant role in the economy of farms, without which most of them would be in the red. The total volume of financial support to Slovak agriculture increased by 9.6 percent year-on-year to €807.8 million, of which 63 percent was provided from EU sources. The share of total support in agricultural revenues increased year-on-year to 18.5 percent, of which direct payments accounted for 7.4 percent. am/mf