South Africa GDP Growth Beats Expectations in Q4

In the last quarter of 2013, South African GDP growth accelerated to 2 percent over a year earlier, beating market expectations and up from a revised 1.7 percent expansion in the previous quarter mainly due to a surge in the mining sector.

Year-on-year, the most notable performance of industries in the last quarter of 2013 was for mining and quarrying, which rose 9.4 percent, up from 2.7 percent in the preceding quarter.

Except for agriculture, electricity and water supply, transport and communication and financial services, all sectors recorded highest growth rates than in the previous quarter. 

The construction industry accelerated to 4.5 percent (2.4 percent in the previous quarter); the wholesale, retail and motor trade; catering and accommodation industry increased slightly by 2.1 percent. Manufacturing output recovered from a 0.4 percent contraction in the September quarter and grew 1.1 percent. 

The transport, storage and communication industry decreased slightly to 2.0 percent and agriculture, forestry and fishing shrank for the second straight quarter by 1.9 percent.  

On a quarter-on-quarter basis, the economy advanced more than expected to 3.8 percent, after a 0.7 percent expansion in the previous three-month period. 

For full 2013, the economy advanced 1.9 percent, slowing from a 2.5 percent expansion in 2012. The largest contributions to the increase in economic activity came from finance, real estate and business services, wholesale, retail and motor trade, mining and quarrying, transport, storage and communication and general government services. 

South Africa GDP Growth Beats Expectations in Q4

Statistics South Africa | Joana Taborda |
2/25/2014 9:54:36 AM