South Africa’s economy grew by 3.1 % in the fourth quarter of 2017 after expanding by a revised 2.3 % in the third quarter largely driven by a recovery in agriculture, Statistics South Africa said on Tuesday.
According to StatsSA the growth exceeded National Treasury’s expectation of 1.0% growth announced during the National Budget Speech in February.
The finance and mining industries also contributed positively to GDP growth in 2017.
Mining growth was spurred on, in part, by increased production of manganese ore, chrome, and iron ore, said StatsSA.
Gross domestic product rose 1.5% on an adjusted year-on-year basis in the fourth quarter, compared with a revised 1.3 % expansion in the previous three months, the agency said.
The economy grew by 1.3% in 2017 compared a revised h 0.6% in 2016, the agency said. Additional reporting Reuters