South Africa GDP Growth at 1-Year High

The South African economy expanded 2.1 percent year-on-year in the first three months of 2015, up from 1.3 percent in the previous period and the highest growth rate since the last quarter of 2013. The mining sector rose for the first time in more than a year while manufacturing remains subdued and power shortages keep weighting down on growth.

The mining sector recorded the highest increase (up 6.3 percent), rebounding from four consecutive quarters of decline. Agriculture rose 6.2 percent, up from 4.2 percent in the last three months of 2014; finances, real estate and business went up 2.7 percent (2 percent in the previous period); transport and communication rose 2.4 percent (from 2.6 percent) and wholesale and retail trade expanded 1 percent, the same rate as in the previous quarter.

The manufacturing sector grew a meager 0.4 percent (from 0.3 percent) while electricity, water and gas production shrank 0.3 percent.

On a quarter-on-quarter seasonally adjusted annualized basis, the economy expanded 1.3 percent in the first quarter of 2015, slowing from a 4.1 percent increase in the last three months of 2014.

South Africa GDP Growth at 1-Year High

Statistics South Africa | Joana Taborda |
5/26/2015 10:56:54 AM