South Africa’s economy expanded at the end of last year helped by growth in agriculture and manufacturing, data showed on Tuesday, a boost for President Cyril Ramaphosa who has pledged to re-start growth after a decade of stagnation.
Statistics South Africa said the economy grew 1.4% in October-December, after expanding by a revised 2.6% in the third quarter.
The growth slightly lagged market expectations of a quarter-on-quarter GDP expansion of 1.6%, according to a Reuters poll.
The rand extended its session gains after the data, trading 0.51% firmer at R14.1275 per dollar as of 0941 GMT.
The statistics agency said farming expanded 7.9% in the quarter, while manufacturing rose 4.5 percent. Mining, however, fell 3.8%.
On an annual basis, Africa’s most industrialised economy grew by 0.8% compared to a revised 1.4% expansion in 2017.