JOHANNESBURG - South Africa’s economy expanded 2% in the third quarter of the year down from an upwardly revised 2.8% recorded in the second quarter – but still beat market expectations of a 1.5% rise.
The agricultural sector showed the biggest growth in the quarter under review surging 14.9% quarter on quarter- its biggest quarterly growth in 21 years.
Higher production of field crops and horticultural products did most of the heavy lifting in the agricultural sector.
Statistics South Africa said the nominal gross domestic product (GDP) grew R1.2 trillion in the third quarter, R22bn more than in the second quarter.
Mining was up R7bn to R83bn, while manufacturing was up R9bn in the quarter to R140bn. However, electricity was down R6bn to R39bn in the period. Mining production in petroleum and basic metals divisions resulted in the secondary sector recording 2.1 percent in the third quarter.
Macroeconomics statistics website Trading Economics said GDP Growth Rate in South Africa averaged 2.83 percent from 1993 until 2017, reaching an all-time high of 7.60 percent in the fourth quarter of 1994 and a record low of -6.10 percent in the first quarter of 2009.
- BUSINESS REPORT