Never mind GNU, it’s time to sing the GDP blues
El Niño-induced drought hits summer crops, bringing down growth rate in third quarter
05 December 2024 - 05:00
The slump after the GNU “sugar high” hit this week as the South African economy contracted by 0.3% in the third quarter, against broad expectation of an increase in GDP.
The contraction was driven by a steep decline in agriculture, forestry and fishing. Agriculture minister John Steenhuisen attributed the knock to the sector to an El Niño-induced midsummer drought which weighed on summer crop production, as well as weaknesses in the livestock subsector. ..
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