South African Economy Slows in Q2

South African GDP expanded a modest 1 percent over a year earlier in the second quarter of 2014, slowing for the second quarter in a row. It is the lowest growth rate since the recession in 2009, as a 5-month strike in the platinum sector dragged mining down for the second consecutive period.

Year-on-year, the agriculture, forestry and fishing industry recorded the highest growth rate (5.8 percent) after shrinking in the previous three quarters. The construction sector advanced 3 percent and transport and communication activities rose 2.5 percent.

The most notable negative performances were recorded for mining (-2.7 percent), electricity, water and gas supply (-0.8 percent) and manufacturing (-0.6 percent). 

Growth in the second quarter of 2014 compares with a 1.6 percent expansion in the first three months this year and 2.3 percent a year earlier. 

On a quarter-on-quarter seasonally adjusted basis, the economy advanced an annualized 0.6 percent, recovering from a 0.6 percent contraction in the first quarter of 2014.

Considering the first six months of 2014, the economy advanced 1.3 percent

South African Economy Slows in Q2

Statistics South Africa | Joana Taborda |
8/26/2014 11:39:26 AM