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COVER STORY | Agriculture is set to boost SA's economy

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The Land Bank which provides funding to emerging farmers who can't access commercial bank loans is in a financial pickle. (iStock)
The Land Bank which provides funding to emerging farmers who can't access commercial bank loans is in a financial pickle. (iStock)

In 2020, the agricultural sector's export figures gave welcoming support to the country's balance of payments. In addition, South Africa's agricultural value chain has played a crucial role in stimulating economic growth and social stability in the country, according to the CEO of Agbiz, Dr John Purchase.

Agriculture’s GDP should increase by 10% (year-on-year) in 2020. According to the Bureau for Food and Agricultural Policy (BFAP) the expected growth could even be as high as 13%.

This resilient recovery does, however, come off a lower base. In 2019, the agricultural sector contracted in four consecutive quarters, owing to various animal diseases that broke out in the preceding couple of years and serious drought conditions that have since been alleviated in most regions.

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