South Africa GDP Growth Slows to 2.0% in Q3

The South African economy expanded an annualized 2.0 percent on quarter in the three months to September of 2017, easing from a 2.8 percent expansion in the previous quarter and beating market expectations of a 1.5 percent rise. The largest upward contribution in the GDP was the agriculture, forestry and fishing industry, mainly due to higher production of field crops and horticultural products.

Agriculture, forestry and fishing industry jumped 44.2 percent, higher than a 38.7 percent increase in Q2. Additional upward contributions came from mining and quarrying (6.6 percent compared to 8.2 percent in Q2), namely gold and platinum group metals; manufacturing (4.3 percent compared to 1.5 percent in Q2), mainly petroleum, chemical products, rubber and plastic, iron and steel, non-ferrous metal products, metal and machinery, motor vehicles, parts and accessories and other transport equipment; finance, real estate and business services (1.2 percent compared to 2.5 percent in Q2), due to financial intermediation, insurance and auxiliary activities; transport, storage and communication (0.6 percent compared to 2.2 percent in Q2); and personal services (0.9 percent compared to 1.3 percent).

In contrast, electricity, gas and water decreased by 5.5 percent (8.8 percent rise in Q2); trade, catering and accommodation (-0.4 percent compared to 0.6 percent in Q2); general government services (-0.7 percent compared to -1.1 percent), partly due to declining levels of employment and construction (-1.1 percent compared to -0.3 percent), namely residential and non-residential buildings and construction works. 

Year-on-year, the economy advanced 0.8 percent, below an upwardly revised 1.3 percent in the previous quarter and in line with market expectations.

South Africa GDP Growth Slows to 2.0% in Q3

Statistics South Africa | Stefanie Moya |
12/5/2017 10:41:32 AM