In 2011, the gross output of the aquaculture industry declined by €12.8 million over 2010, the NSO reported.

The gross output of the aquaculture industry, which is comprised of fish farming and other output, amounted to €44.3 million, down by 22.4% from €57.1 million in 2010. This decline was mainly due to a 47.6% drop in the value of farmed tuna, and in part due to a negative change in stocks of fish.

The gross value added of the aquaculture industry in 2011 amounted to €4.6 million, down by 62.4% from €12.2 million in the preceding year. Taking fixed capital consumption and exchange rate differences into consideration, the factor income amounted to €2.8 million, from €13.2 million in 2010. While the compensation of employees amounted to €2.9 million, entrepreneurial income amounted to -€1.2 million against €8.6 million in 2010.

During the year under review, the volume of fresh fish sold amounted to 2,954 tonnes, a drop of 57.1% over the preceding year. In contrast, the average price of fresh fish sold registered a rise of 27.8%. However, this increase was not enough to compensate for the drop in the volume of fresh fish sold as the total value of sales fell by 45.1%, from €82.2 million in 2010 to €45.1 million in 2011.

When compared to 2010, intermediate consumption which takes into account the costs incurred in the production of farmed fish, fell by 11.6%. This was due to declines of 39.9, 15.7 and 6.9% in the value of selling costs, purchases of live fish and fingerlings and variable production costs. The drop in the value of live fish and fingerlings purchased, that represented 27.8% of the total intermediate consumption, was mainly due to a decrease in the volume of tuna purchased (-39.1%). This decline was in part mitigated by an increase of 33.3% in the average price per kilogram of tuna purchased. The year under review also revealed that purchases of fish feed went down by 5.0% to €16.0 million.