South Africa's economy unexpected contracted in the third quarter of this year, driven by a big drop in agricultural production, statistics agency data showed on Tuesday. Gross domestic product (GDP) fell 0.

The country’s economy declined by 0.3% between July and September, Statistics South Africa announced on Tuesday.

South Africa risks missing its 2024 economic growth forecast after the agricultural sector’s deepest slump in at least three decades led to an unexpected contraction in the third quarter.

South Africa's economy unexpectedly shrank in the third quarter of this year as a drought caused a big drop in agricultural production, but analysts said they expected a return to modest growth in the coming quarters.