Faizel Patel, Radio Islam News – 06-03-2018
South Africa’s gross domestic product (GDP) grew by 3,1% in the final quarter of 2017.
Statistics South Africa (StatsSA) says Overall the country’s economy grew by a better-than-expected 1,3% last year, driven by mainly by agriculture, forestry and fishing industry, which increased by 37.5% and contributed 0.8 of a percentage point to GDP growth.
It says the trade, catering and accommodation industry increased by 4.8% and contributed 0.6 of a percentage point to GDP growth.
“After a wobbly start to 2017, which saw economic activity contract in the first quarter, the economy saw sustained growth for the remainder of the year. The fourth quarter experienced the highest growth rate of 2017, with the economy expanding by 3.1 percent quarter-on-quarter.”
South Africa’s economy has experienced sluggish growth in recent years with the jobless rate rising to 27.7 percent.
In April, the country lost its investment grade credit rating when the world’s two major agencies, Fitch and Standard & Poor’s, downgraded its sovereign debt to junk status.
Their move was partly blamed on former president Jacob Zuma’s sacking of respected finance minister Pravin Gordhan in March.
– eNCA
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