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.

Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product rose 0.3% in the September quarter, missing market forecasts of 0.4%. Annual growth slowed to 0.8%, from 1.0% the previous quarter, levels previously only seen during recessions.

Australia's government ramped up spending on infrastructure and defence in the third quarter, data showed on Tuesday, making a vital contribution to economic growth as consumers struggled beneath high borrowing costs.

Australian Industry Group CEO Innes Willox says the RBA will need to look at new GDP data and see what the “underlying strength” of Australia’s economy is.