SA’s GDP edges up in Q3

South Africa’s gross domestic product (GDP) and expenditure on real GDP grew by 2% and 2.1% respectively in the third quarter of this year.

This according to the latest preliminary report by Statistics South Africa (Stats SA) released yesterday (Tuesday).

“The largest positive contributor to growth in GDP in the third quarter was the agriculture, forestry and fishing industry, which increased by 44.2% and contributed 0.9 of a percentage point to GDP growth,” said statistician general Risenga Maluleke.

A government statement noted that the increase in agriculture was driven by increased production of field crops and horticultural products.

The mining and quarrying industry grew by 6.6% and manufacturing by 4.3%, while general government services, electricity, construction and trade industries all decreased.

“Negative growth in trade was due to weaknesses in wholesale trade sales, despite a rebound in retail trade sales, while negative growth in general government services was partly attributed to declining employment numbers,” said Maluleke. “The biggest contributor to negative growth was electricity at a negative 5.5%.”

Additionally, exports were shown in the report to have decreased by 10.3% and imports by 13.7%.

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