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The release of the country’s GDP results for the final quarter of 2023 brought several surprises, which we unpack in this Brief. For the total economy, GDP increased by 0.1% in the fourth quarter of 2023. For the full year 2023, GDP expanded by 0.6% in real terms. The big surprise, however, was that agriculture
In the third quarter of 2023, South Africa’s gross domestic product (GDP) decreased by 0.2% in the third quarter of 2023. The contribution of agriculture decreased by 9.6%. The biggest contributor to the agricultural sector performance in Q3 of 2023 was a 36% decline in the revenue of field crops. Download here to read the full
How has the agricultural sector performed against the development objectives and targets outlined in the National Development Plan (NDP)? The recently launched 2023 BFAP Baseline as well as data on land reform collected by the BER provide a sense of the exceptional performance of the sector. There are, however, threats on the horizon that could
The Eastern Cape was mentioned in the National Development Plan as a region “with untapped potential” however, there are a number of factors that limit this potential. These include physical characteristics (soil depth and quality (pH, soil nutrients), topology and degradation) as well as land use/competition dynamics. It was found, based on the area and
In the second quarter of 2023, the agricultural sector grew by 4.2% quarter on quarter. It should be noted that this follows a decline of almost 5% in quarter 1, and a decline of almost 20% in quarter 2 of 2022 due to later than normal delivery of some summer crops, which bolstered growth in
South Africa’s seasonally adjusted quarter- on-quarter real GDP increased by 0.4% in the first quarter of 2023, but agricultural GDP contracted by 12.3%. This publication contextualises the latest release of GDP statistics by StatsSA and provides insights on the major factors behind agriculture’s contribution to GDP. Download here to read the full article.
South Africa’s seasonally adjusted quarter-on-quarter real GDP dropped by 1.3% in the fourth quarter of 2022. This publication contextualises the latest release of GDP statistics by StatsSA and provides insights on the major factors behind agriculture’s contribution to GDP. Download here to read the full article.
In the second quarter of 2022, the agricultural sector contracted by 7.7% quarter on quarter and 20.9% year on year. This follows a slower summer crop harvest, and a sharp rise in input costs, which more than offset revenue gains. Download here to read the full article.
YIn the first quarter of 2022, the agricultural sector grew by 0.8% quarter on quarter and 3.6% year on year. While high prices resulting from international market dynamics are supporting revenue, sharp cost increases are constraining profits. For the full year 2022, BFAP expects positive growth in the sector, but the rate of growth is
South Africa’s seasonally adjusted GDP grew by 1.2% in the last quarter of 2021. For the full year 2021, South Africa’s GDP increased by 4.9%, with agriculture, forestry and fisheries at 12.2%. The agricultural industry expanded by 8.3%, with the growth in GDP in the fourth quarter of 2021 was driven mostly by an
