GDP Expands Again During the Third Quarter of 2017

SOUTH AFRICA - Report 05 Dec 2017 by Iraj Abedian

On a quarter-on-quarter, seasonally adjusted and annualized basis, GDP in the third quarter of 2017 increased by 2.0%. This was the second consecutive quarterly increase following the upwardly adjusted second quarter growth rate of 2.8% q/q (previously 2.5%). Furthermore, these positive growth rates follow the technical recession that took place at the beginning of 2017.

Production output increased in six out of the ten main economic sectors during the third quarter of 2017. As we had anticipated, agriculture continued to grow significantly into the third quarter. It increased by a massive 44.2% q/q following the already impressive growth rate of 38.7% q/q (upwardly adjusted from 33.6%) during the second quarter and 23.1% during the first quarter of 2017. Not surprisingly, agriculture became the largest positive contributor to GDP growth again in the third quarter (0.9 percentage points). It is important to remember, however, that these substantial growth rates in the agriculture sector are due to growth recovering from the consecutive contractions in the sector that began in the first quarter of 2015 up to the last quarter of 2016, as drought effects continued to dissipate.

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