South African GDP Growth Slows to 1.9% YoY in Q1 2013
In South Africa, the GDP for the first quarter of 2013 increased by 1.9 percent year-on-year, from 2.5 percent reported in the previous three months, the slowest expansion since early 2009. A slight recovery in the mining sector wasn't enough to offset a steep drop in manufacturing.
On a year-over-year basis, the most notable performance of industries in the first quarter of 2013 was for the agriculture, forestry and fishing industry, which increased by 4.0 percent, recovering from the contractions in the two previous quarters.
The mining and quarrying industry recorded the first expansion in seven quarters in a row, and increased by 3.7 percent.
General government services increased by 2.5 percent (the same rate as in the previous three months) and finance, real estate and business services rose by 2.4 percent (from 3.4 percent in the previous quarter).
Wholesale, retail and motor trade, catering and accommodation expanded by 2.1 percent (down from 2.9 percent in the previous quarter). Transport, storage and communication sector increased by 1.8 percent (the same rate as in the last quarter of 2012) and the construction industry grew by 1.6 percent (down from 3.1 percent).
In contrast, electricity, gas and water production contracted for the fifth quarter in a row and dropped by 2.4 percent year-on-year.
Manufacturing output shrank by 0.4 percent over a year earlier, down from a 3.6 percent expansion in the last quarter.
On a quarter-over-quarter basis, the GDP expanded by an annualized rate of 0.9 percent.
5/28/2013 11:46:12 AM