South Africa GDP Grows 1.5% YoY, Strongest Since 2015

The South African economy advanced 1.5 percent year-on-year in the fourth quarter of 2017, above an upwardly revised 1.3 percent growth in the previous period and beating market expectations of 1.4 percent. It is the strongest expansion since the first quarter of 2015 supported by a rebound in manufacturing and utilities and strong growth in services.

Higher growth rates were seen for mining (4.9 percent compared to 3.5 percent in Q3); transport, storage and communication (1.6 percent compared to 1.1 percent) and finance, real estate and business services (2.1 percent compared to 1.9 percent). Additionally, output rebounded for manufacturing (2.5 percent compared to -0.4 percent); elecricity, gas and water (1.9 percent compared to -0.6 percent) and trade, catering and accommodation (0.1 percent compared to -0.8 percent).

On the other hand, slower growth rates were seen for agriculture (1.1 percent compared to 27.3 percent); personal services (0.8 percent compared to 1.6 percent) and government services (0.1 percent compared to 0.2 percent). Also, construction declined faster (-1.2 percent compared to -0.1 percent).

On a seasonally adjusted quarterly basis, the economy expanded an annualized 3.1 percent, following an upwardly revised 2.3 percent growth in the prior quarter and beating market consensus of 1.8 percent. The main contributors to growth were agriculture, internal trade and manufacturing.

Considering 2017 as a whole, the economy advanced 1.3 percent after a 0.6 percent growth in 2016. 

South Africa GDP Grows 1.5% YoY, Strongest Since 2015

Statistics South Africa | Stefanie Moya |
3/6/2018 11:45:30 AM