Agriculture Sector Thrives in Latest GDP Stats
Written by Mfundo on 9 March, 2021
By: Lindelani Mbatha
South Africa’s economy grew by 1.5% in the fourth quarter of last year, giving an annualised growth rate of 6.3%.
Statistics SA says the manufacturing industry increased at a rate of 21.1% in the fourth quarter, contributing 2.4 percentage points to Gross Domestic Product (GDP) growth.
The country’s economy contracted 7% in 2020, compared with 2019’s growth rate of 0.2%.
The agriculture, forestry and fishing industry increased at a rate of 5.9%, which was mainly due to increased production of animal products.
Meanwhile, Political Economist, Jabulani Khanyie, says ordinary citizens will be hit hard by this GDP annual contraction.
Khanyile says GDP per-capita will continue to decline in the medium term as the population continues to grow while GDP contracts.
powered by Advanced iFrame. Get the Pro version on CodeCanyon.
[Thread]
The South Africa #economy grew by 1,5% in Q4:2020, giving an annualised growth rate of 6,3%.#StatsSA #GDP pic.twitter.com/LlTz2Nnssu— Stats SA (@StatsSA) March 9, 2021
