Published in Scientific Papers. Series "Management, Economic Engineering in Agriculture and rural development", Vol. 19 ISSUE 3
Written by Ibidun Olatohun IBITUNDE, Francis Oke ADERETI, Akinloye Jimoh FARINDE
According to the data regarding the economic accounts for agriculture published on 16 November 2018 by Eurostat, (the Statistics Office of the European Union), the total agricultural production obtained in the European Union in 2017 was 6.2% higher than in 2016, amounting to 432.6 billion euro at basic prices.. In 2017, the equivalent of 56% of the value of the agricultural production generated was used for intermediary consumption, while the gross added value represented 44%. The present paper is looking at how a mathematical algorithm used to study the impact of the agricultural production on the GDP can represent a tool for analysing and assessing the evolution of the GDP..The conclusion of the article is that the current fluctuations of the agricultural production trigger variations of the GDP, which means that agriculture is maintaining its impact on the GDP.
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