South Africa GDP Advances 1.6% YoY in Q1

In the first quarter of 2014, South African economy advanced at a slower 1.6 percent over a year earlier, hurt by a fall in mining output. The platinum strike is now in its fifth month and is the longest in the history of South Africa's mines.

Year-on-year, mining production fell 2.5 percent, following a 9.4 percent expansion in the previous quarter, hurt by lower gold, platinum and diamonds' extraction. Agriculture production contracted 1.6 percent.

Construction grew the most (4.9 percent) while electricity, gas and water production recorded the lowest growth rate (0.8 percent yoy). Manufacturing output expanded at a faster 2.4 percent, accelerating from a 1.1 percent expansion in the previous quarter.

On a quarter-on-quarter seasonally adjusted annualized basis, the GDP contracted 0.6 percent as mining production slumped 24.7 percent. 

South Africa GDP Advances 1.6% YoY in Q1

Statistics South Africa | Joana Taborda |
5/27/2014 11:41:48 AM