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

Allen Dreyfus

Thuso Khumalo

Thuso Khumalo is a seasoned journalist based in Johannesburg, has 20+ years’ experience covering Southern Africa.
  • 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.

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