South Africa GDP Growth Beats Expectations in Q2

The South African economy expanded an annualized 2.5 percent on quarter in the three months to June of 2017, ending two quarters of contraction and beating market expectations of a 2.1 percent rise. It is the highest growth rate in a year with agriculture, forestry and fishing making the largest upward contribution, namely field crops and horticultural products.

Agriculture, forestry and fishing jumped 33.6 percent, higher than a 23.1 percent increase in Q1. Additional upward contributions came from finance, real estate and business services (2.5 percent, recovering from a 1.2 percent decline in Q1); mining and quarrying (3.9 percent compared to 13.1 percent in Q1), namely coal, gold, manganese ore and iron ore and other’ mining and quarrying including diamonds; manufacturing (1.5 percent to -3.7 percent in Q1), mainly food and beverages, motor vehicles, parts and accessories and other transport equipment; electricity, gas and water supply (8.8 percent compared to -4.8 percent); transport and communication (2.2 percent compared to -1.6 percent in Q1); trade (0.6 percent compared to -5.9 percent in Q1) and personal services (1.1 percent compared to -0.1 percent in Q1).

In contrast, general government services decreased by 0.6 percent (-0.7 percent in Q1) and construction went down 0.5 percent (-0.8 percent in Q1), with falls seen in both residential and non-residential buildings.

Year-on-year, the economy advanced 1.1 percent, above 1 percent in the previous quarter and the highest annual growth rate in two years. Considering the first half of 2017, the economy advanced 1.1 percent. 

South Africa GDP Growth Beats Expectations in Q2

Statistics South Africa | Joana Taborda |
9/5/2017 10:26:48 AM