Farms put GDP back in black as SA emerges from recession

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South Africa and Nigeria released figures showing economic growth in the second quarter of this year. Growth there fell to 3.01 percent from 4.53 percent in the second quarter of 2016.

"The largest positive contributor to growth in GDP in the second quarter was the agriculture, forestry and fishing industry, which increased by 33.6 per cent and contributed 0.7 of a percentage point to GDP growth", Lehohla said.

According to the NBS, the oil sector was estimated to have averaged production levels of 1.84 million barrels per day, which is 0.15 million barrels higher than the daily average production recorded in the first quarter of June 2017.

According to Statistics South Africa, the country has experienced eight economic recessions since 1961, with the longest occurring in 1991-1992, due to a global economic downturn.

"Growth across the economy was pretty soft, but the big surprise for me is the weakness of the oil sector", Ashbourne said.

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The office said the second quarter GDP contribution from the non-oil sector - notably agriculture and manufacturing, including textiles, clothing and footwear - shrank slightly from the previous three months and from the previous year. Meanwhile, electricity contributed 8.8%, while mining, at 3.9%, contributed 0.3% to GDP growth.

"It will be sustainable if the fiscal elements of the budget are implemented and the Central Bank of Nigeria pursues a monetary policy which will reduce interest rate to stimulate investment". For Nigeria to be out of recession means the Administration has taken some right steps that have culminated in the good news that we are celebrating now.

This report represents an improvement from the decline that was reported in the last two quarters, where we saw a decline of 0.3% in the fourth quarter of 2016 and a 0.7% contraction in the first quarter of 2017.

He said the nation's economy would also bouy if ongoing truce with Niger delta militants was intensified.

Issoufou said he was in Nigeria to visit and to discuss some bilateral and regional issues with President Buhari, some of which included the fight against Boko Haram, the economic challenges in the Lake Chad Basin and other developmental concerns that directly affect the livelihood of the citizens of both countries.