South Africa Annual GDP Growth At Near 2-Year High In Q1

The South African economy advanced 1 percent year-on-year in the first three months of 2017, higher than 0.7 percent in the previous two quarters and matching market expectations. It is the highest growth rate since the second quarter of 2015 due to a rebound in mining and a 2-year high jump in agriculture.

The mining sector rose 6.9 percent, the first increase in six quarters. Agriculture went up 10.3 percent, the biggest gain since the first quarter of 2015.

In contrast, utilities went down for the eighth period (-1.6 percent from -3.2 percent in the previous quarter); trade declined 1 percent (+1.1 percent in the previous period); manufacturing went down for the second quarter (-0.9 percent from -0.7 percent) and construction fell 0.4 percent (+0.2 percent).

On a quarterly basis, the economy contracted an annualized 0.7 percent, following a 0.3 percent drop in the previous period and compared to market expectations of a 0.9 percent expansion. It is the first recession since 2009, mainly dragged down by trade and manufacturing.

South Africa Annual GDP Growth At Near 2-Year High In Q1

Statistics South Africa | Joana Taborda |
6/6/2017 11:10:06 AM