JOHANNESBURG – As anticipated, South Africa’s gross domestic product or GDP decreased by 0.2% in the third quarter of this year.
The agriculture, forestry and fishing industry decreased by 9.6% driven primarily by decreased economic activity in field crops, animal products and horticulture products.
The manufacturing industry decreased by 1.3%.
Eight of the ten manufacturing divisions reported negative growth rates in the third quarter.
The food, beverages and tobacco division made the largest contribution to the decrease.
The construction industry decreased by 2,8% while mining declined by 1.1%.
Even though there were lower levels of power cuts during the period July to September, this did not translate to better economic growth.
George Herman, Director and Chief Investment Officer at Citadel Asset Management discussed the GDP results on eNCA.