South Africa Annual GDP Growth at 2-Year High in Q2

The South African economy advanced 1.1 percent year-on-year in the second quarter of 2017, above 1 percent in the previous period and beating market expectations of 0.4 percent. It is the strongest annual growth rate in two years.

Agriculture, forestry and fishing jumped 28.9 percent (11.4 percent in Q1), recovering from drought. Utilities grew 0.5 percent rebounding from 1.6 percent contraction in Q1. Alos, faster expanison was recorded for construction (0.4 percent compared to 0.2 percent in Q1); finance, real estate and business services (1.1 percent compared to 0.9 percent) and personal services (0.9 percent compared to 0.8 percent). 

On the other hand, the growth slowed in mining and quarrying (2.1 percent compared to 6.8 percent in Q1) and transport and communication (1.2 percent compared to 1.5 percent) and further contraction was recorded in manufacturing (-2 percent compared to -0.9 percent) and trade (-1.2 percent compared to -1 percent).  

On a quarterly basis, the GDP expanded an annualized 2.5 percent, 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, boosed mainly by higher production of field crops and horticultural products.

South Africa Annual GDP Growth at 2-Year High in Q2

Statistics South Africa | Joana Taborda |
9/5/2017 11:03:59 AM