Presidency encouraged by GDP growth

Wednesday, March 7, 2018

The Presidency has welcomed the 3.1% growth in Gross Domestic Product (GDP) in the fourth quarter of 2017.

Statistics South Africa (Stats SA) announced on Tuesday that the GDP in the fourth quarter grew by 3.1% following a revised growth of 2.3% in the previous three months. Growth in the third quarter of 2017 was revised upwards from an initial 2%.

The highest contributor to the growth of 3.1% came from agriculture, which grew by 37.5 % followed by strong growth from the trade sector, which grew by 4.8%.

While GDP growth remains subject to a broad range of market factors and can fluctuate based on such factors, the Presidency said the fourth quarter improvement should motivate all South Africans.

“The Quarter 4 figure does suggest the economy is taking a turn for the better, thanks to the efforts of all stakeholders in our economy. It is also a very appropriate accompaniment to the positive sentiment with which South Africans and the global community are embracing South Africa’s current renewal,” the Presidency said in a statement on Tuesday.

The Presidency said it hopes that growth of this kind experienced in fourth quarter will be sustained and that it will translate into meaningful job creation. - SAnews.gov.za

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