Shocking drop in agriculture behind 'surprise' recession

According to Investec, the drop in GDP was “contrary to market expectations of a mild lift in GDP”.

The agricultural sector was the worst performer once again, falling 29.2% quarter-on-quarter seasonally adjusted annualised, following a plunge in the first quarter of 2018, Investec said.

Statistics SA said: “The decrease was mainly because of a drop in the production of field crops and horticultural products”.

Agriculture “detracted a significant 0.8% from the headline outcome”, Investec said.

The decline in agriculture wiped out a gain of 4.9% in the mining and quarrying sector, while manufacturing and transport also fell.


Source link

More from Matthew Eileen

Massmart in firing line in Amazon battle

Walmart’s African unit needs to ramp up its operations Source link
Read More