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GDP declines by 0.3% in third quarter

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South Africa's economy has unexpectedly shrunk by 0.3 percent in the third quarter. Agriculture, forestry and fishing industries decreased by 28.8 percent. The transport, storage and communication industry also decreased by 1.
The South African economy experienced a contraction of 0.3% in the third quarter, as reported by Statistics South Africa. This decline was influenced by several factors including a significant drop in mining and manufacturing outputs, which fell by 1.1% and 1.3% respectively. Agriculture also saw a sharp decrease of 9.6%, largely due to avian flu outbreaks affecting poultry production. Despite these setbacks, sectors like finance, real estate, and business services showed growth. The contraction was somewhat mitigated by a 0.8% increase in government spending, although household consumption expenditure decreased by 0.3%. This economic performance reflects ongoing challenges such as load shedding, logistical constraints, and a global economic slowdown, painting a complex picture of South Africa's economic health.

Read the Full MSN Article at:
[ https://www.msn.com/en-za/news/other/gdp-declines-by-0-3-in-third-quarter/ar-AA1vb9au ]