South Africa’s GDP Contracts by 0.3% in Third Quarter

• Agriculture records a sharp 28.8% decline, driving the contraction
• Finance and electricity sectors offer slight relief amid economic downturn

Johannesburg, South Africa – South Africa’s Gross Domestic Product (GDP) shrank by 0.3% in the third quarter of 2024, according to Statistics South Africa. The report, released on Tuesday, highlights several contributing factors, with agriculture leading the decline due to a 28.8% contraction driven by drought disrupting field crop production.