GDP A lion economy in the making
So the GDP growth figures came though this week and who-ho-hoaah! Easy, tiger! What are we – some kind of commodity-rich developing economy? 3.1% growth year on year for the fourth quarter of 2017, for a total of 1.3% for the year, waaaaay ahead of StatsSA’s prediction of 1%. Who do we have to thank? Why the sturdy men and indeed women of the agricultural sector, in their leather cowboy hats and those two-tone khaki Senque River shirts worn by people who reside 50km or more from the nearest ocean or large city. After 2016’s devastating drought, you see, agriculture came roaring back, with production rising 17.7% in the ’17, which also enjoyed a bumper maize crop and the birth of many fine, ruddy-cheeked babies in the hinterland. Finance and mining also delivered, the latter due in part to the increased production of manganese ore, chrome, and iron ore, which people in China apparently eat for breakfast, or make cell phones and bridges out of, or something.
Comment: Look, we have to do better than 3.1% and we have to do it off a higher agricultural base, and on a monthly basis. But right now, we’ll take it.