GDP grows by 2% in third quarter

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Despite the recent downgrade, South Africa is meeting investors, foreign governments and foreign ambassadors to proactively promote the country as an attractive investment,Picture: Gallo Images

Some positive economic news have come in on Tuesday after Stats SA announced that the Gross Domestic Product (GDP) for the third quarter of 2017 grew by 2%.

Statistician General Risenga Maluleke said the biggest contributor to growth was the agriculture, forestry and fishing industry, which increased by 44,2% and contributing 0,9% to GDP growth.

The mining and quarrying industry increased by 6,6%, and contributed 0,5% to GDP growth, while the manufacturing industry increased by 4,3% and also contributed 0,5%.

However, general government services, electricity, construction and trade industries all decreased in the third quarter of 2017.

Tuesday’s figures continue a growth trend for GDP figures quarter-on-quarter.

During the second quarter of the year, the GDP grew by 2.5%.

This GDP numbers also add on to positive economic growth after Sars last week announced that trade statistics for October showed a trade balance surplus of R4.56bn.

The surplus was attributed to exports of R104.51bn and imports of R99.95bn.

-TNA Reporter

 

 

 

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