South Africa's agriculture sector suffered a significant decline in the third quarter of 2024, leading to a 0.3% contraction in GDP. The sector contracted by 28.8%, primarily due to reduced economic activity in field crops. Agri SA and Agbiz have requested the Bureau for Food and Agricultural Policy (BFAP) to conduct a detailed analysis of the data, raising concerns about the accuracy of the statistics and calling for reforms to ensure more robust indicators for the agricultural economy.
According to Statistics SA, the agriculture sector was the biggest reason why GDP decreased by 0.3% in the third quarter.Economists and the agriculture sector were shocked when the GDP data for the third quarter of 2024 showed that the agriculture, forestry and fishing industry decreased by 28.8%, primarily due to decreased economic activities reported for field crops.
Agri SA says in a statement that Agri SA and the Agricultural Business Chamber of South Africa have noted the sharp decline in South Africa’s agricultural performance in the third quarter of 2024, with a seasonally adjusted quarter-on-quarter decrease of 28.8%. According to Agri SA, BFAP’s technical report provides an assessment of the agricultural GDP statistics and highlights several areas of concern.
The analysis indicates that the year-to-date decline in real agricultural GDP should be between 5-6%, as opposed to the current official decline of 15.5%.
GDP AGRICULTURE SOUTH AFRICA STATISTICS BFAP
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