South African GDP jumped 3.1 percent in the fourth quarter, its statistics department release showed. The latest data came on the back of 2.3 percent increase in the country’s economy in the third quarter.
Agriculture, forestry and fishing industry were the biggest contribution to South African GDP growth in the December quarter recording a growth of 37.5 percent and contributing 0.8 of a percentage point to the expansion of GDP.
Another segment, the trade, catering and accommodation industry witnessed a growth of 4.8 percent contributing 0.6 of a percentage point to the economy. Similarly, the manufacturing industry and finance, real estate and business services have shown a growth of 4.3 percent and 2.5 percent respectively. Both have added 0.5 of a percentage point to the economic expansion.
On the other hand, the mining and quarrying fell 4.4 percent thus dragging the overall growth by 0.3 of a percentage point.
The release added, “Household final consumption expenditure increased by 3,6% in the fourth quarter, contributing 2,2 percentage points to total growth. Government final consumption expenditure increased by 1,6%, contributing 0,3 of a percentage point.”