South Africa Says Drought Cost Farmers USD1bn

South Africa's agriculture sector lost a billion dollars over the past year due to the worst drought in a century, the government announced on Tuesday.

Poor rain saw the agriculture sector contract by 14 percent, according to the latest figures from StatsSA. The drought "resulted in losses worth 16 billion rand ($1 billion) across the sector," an official statement said. The continent's most advanced economy grew by an annualised 0.6 percent in the last quarter of 2015. The World Bank and the International Monetary Fund predict that South Africa's economic growth will be less than one percent in 2016.

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