Mining and agriculture lift GDP in Q3

Mining and agriculture have handed the economy another needed reprieve in the third quarter as GDP posts a fourth consecutive increase.

The economy grew as expected in the three months through September with an expansion of half a percent.

The marginal growth is more than half of the second quarter GDP reading of point-9 percent.

The economic growth for the third quarter was broad-based, with nine out of ten industries posting an increase.

READ: SA economy upticks by 0.5% in Q3: Stats Sa

Mining and agriculture were the heavy lifters of the quarter.

Mining output increased by 2,3%, driven mostly by platinum group metals, with support from manganese ore, coal, chromium ore, and copper.

Agriculture carried over its positive momentum, recording its fourth consecutive increase.

The 1,1% rise in the third quarter was underpinned by stronger roduction of field crops, horticulture, and animal products.

"I think it's important if the growth in an economy is widespread rather than only driven by, let's say, two industries, because then it would point to a situation where the economy is over-reliant on, for example, just agriculture, and we know the weather can change. But if everybody contributes or at least not detract in a meaningful manner, it's generally a broad story," said Deputy Director-General of Economic Statistics at Stats SA, Joe de Beer.

Electricity, gas, and water were the only industries that disappointed in the third quarter, thanks to lower electricity production and usage.