Stats SA: Growth in agriculture sector helps get SA out of recession
Statistics South Africa (Stats SA) says gross domestic product (GDP) for the third quarter expanded by 2.2% quarter on quarter.
JOHANNESBURG - Increased growth in the agricultural sector has been listed as one of the main drivers that contributed to South Africa emerging from a technical recession.
This is up from a revised contraction of 0.4% in the second quarter.
Agriculture expanded by 6.5%.
Stats SA says the drought impacted heavily on the country's growth in the first half of this year.
Chief economist at Econometrix Azar Jammine said: “The rise in agriculture by 6.5% is a stark contrast to the drop of nearly 30% that we had in the previous two quarters.”
He says the sector is recovering from a crippling drought.
“It suggests a normalisation of the agricultural sector.”
However, while agriculture is up, mining was down 8.8% and the construction sector was down 2.7%.
The financial sector grew 2.3% and manufacturing increased by 7.5%.
(Edited by Mihlali Ntsabo)