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Agriculture leads as SA economic growth quickens in fourth quarter of 2017

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Agriculture leads as SA economic growth quickens in fourth quarter of 2017

Agriculture leads as SA economic growth quickens in fourth quarter of 2017

6th March 2018

By: African News Agency

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Growth in South Africa's economy accelerated in the fourth quarter of 2017, helped by the agriculture sector, the statistics agency said on Tuesday.

Gross domestic product expanded by 3.1% during the quarter, after increasing by an upwardly revised 2.3% in the previous three months, Statistics South Africa said.

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"The largest positive contributor to growth in GDP in the fourth quarter was the agriculture, forestry and fishing industry, which increased by 37.5% and contributed 0.8 of a percentage point to GDP growth," the agency said.

The trade, catering and accommodation industry grew 4.8%, adding 0.6 percentage points to GDP while the manufacturing industry and finance, real estate and business services increased by 4.3% and 2.5% respectively, and each contributed 0.5 percentage points.

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Mining and and quarrying however shrank by 4.4%, taking away 30 basis points from the overall GDP number for the fourth quarter.

Economic growth in South Africa is starting to show some momentum after a sluggish decade following a recession in 2008/9.

Last month, the National Treasury revised the 2017 growth figure up to 1% from an earlier forecast of 0.7% and said growth would quicken to 1.5% in 2018 and 2.1% by 2020.

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