Term
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| Description |
Based on the sum of price-weighted quantities of different agricultural commodities produced after deductions of quantities used as seed and feed weighted in a similar manner. All the indices at the country, regional and world levels are calculated by the Laspeyres formula. Production quantities of each commodity are weighted by average international commodity prices in the base period and summed for each year. To obtain the index, the aggregate for a given year is divided by the average aggregate for the base period. The commodities covered in the computation of indices of agricultural production are all crops and livestock products originating in each country. Practically all products are covered, with the main exception of fodder crops (1*, 2003, p. xvii). |
| Source |
Food and Agriculture Organization of the United Nations, FAO Statistical Yearbook and FAO Production Yearbook (discontinued) (Rome). |
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