South Africa: Minister Thoko Didiza welcomes latest figures released by Statistics South Africa on Gross Domestic Product
The Minister of Agriculture, Land Reform and Rural Development, Ms. Thoko Didiza has welcomed the latest figures released by Statistics South Africa on the Gross Domestic Product (GDP) for the second quarter of 2023, showing that the agricultural sector was once again one of the biggest contributors to the country’s economic growth. This growth signifies the importance and influence of the sector in our nation's economy.
The agricultural sector grew by 4.2% in the second quarter of 2023, fuelled largely by a good summer harvest of grains, and oilseeds commodities coupled with solid horticultural exports. In the second quarter of 2023, South Africa exported agricultural products worth R60.2 billion, which is almost 13% higher than the corresponding period last year.
Currently, the country is expected to harvest 16.4 million tons of maize and about 743 thousand tons of sunflower, a crop size that will bode well for consumers, as food inflation will subside. Already in July 2023, food inflation had receded to 9.9% providing a much-needed relief to consumers.
“The growth in agriculture and its contribution to the country’s economy can be attributed to the increasing footprint of South Africa’s agricultural products in the international markets,” said Minister Didiza
This is underscored by the government's decisions to invest resources in opening new export markets while maintaining trade relations with existing markets.
In August 2023, the Minister of Agriculture, Land Reform, and Rural Development secured new export markets for avocados, beef, and other animal products to countries such as Saudi Arabia and China.
“The drive to open new export opportunities will continue as the government strives to grow a competitive, resilient, and export oriented agriculture.”
Distributed by APO Group on behalf of Department of Agriculture, Land Reform and Rural Development: Republic of South Africa.