South African GDP Slows More Than Expected in Q3

In the third quarter of 2013, South African economy expanded an annualized seasonally adjusted 0.7 percent over the previous quarter, down from 3.2 percent in the previous three-month period and well below market expectations. It is the lowest growth rate recorded in the last four years, as the strikes in the automotive sector dragged manufacturing down.

The largest contributor to the quarter-on-quarter growth was mining and quarrying which recovered from a 5.4 percent contraction in the previous quarter and grew 11.4 percent, due to higher production of metal ores (including platinum) and ‘other’ mining and quarrying (including diamonds). 
After contracting in the previous two quarters, agriculture surged 6.6 percent, boosted by higher production of horticulture and animal products. 

Manufacturing shrank 6.6 percent over the previous quarter due to lower production of motor vehicles, parts and accessories and other transport equipment. 

All other sectors grew at slower pace. Finance, real estate and business services increased 1.3 percent. The wholesale, retail and motor trade; catering and accommodation industry and the transport, storage and communication industry each contributed expanded 1.3 percent and 2.6 percent, respectively. 

Year-on-year, the GDP expanded 1.8 percent, down from 2.3 percent in the June quarter. 

South African GDP Slows More Than Expected in Q3

Statistics South Africa | Joana Taborda |
11/26/2013 11:24:52 AM