The Value Of Agriculture To European Economies

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by Tyler Durden
Monday, Jul 31, 2023 - 09:45 AM

According to World Bank figures, Agriculture, forestry and fishing account for around 1.6 percent of the EU's gross domestic product.

However, as Statista's Martin Armstrong reports, there is wide variation in the continent though, with Germany, for example, one of the least economically dependent countries in Europe on agriculture, alongside the United Kingdom (0.7 percent) and Switzerland (0.6 percent).

Infographic: The Value of Agriculture to European Economies | Statista

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Such low values are common for highly developed nations, which generate the majority of their value added in the service sector.

In Germany, for example, the service sector accounts for around two-thirds of gross value added.

Agriculture is significantly more important in Albania (17.7 percent of GDP), Ukraine (10.6 percent) and the Republic of Moldova (10.6 percent).