Agriculture lifts growth in fourth quarter —Stats SA

South Africa's economy grew in the fourth quarter of last year, with gross domestic product (GDP) increasing by 0.6%, mainly thanks to agriculture, finance and trade on the supply or production side of the economy.

- Ina Opperman

Household spending led growth on the demand, or expenditure side.

According to Statistics SA (Stats SA), agriculture had the most significant positive impact on GDP growth on the supply side of the economy.

After a sharp decline in the third quarter, the industry rebounded by 17.2%, lifting GDP growth by 0.4 of a percentage point, mainly thanks to an increase in the production of field crops and animal products.

The finance, real estate and business services industry grew for an eighth consecutive quarter, with financial intermediation, real estate activities and other business services the largest positive contributors to growth.

The trade industry expanded on the back of increased retail, wholesale and motor trade sales.

Stats SA said this reflected positively on the demand side of the economy, with household consumption spending increasing in the fourth quarter.