South African Economy Expands 2% YoY in Q2

In the second quarter of 2013, South African GDP expanded 2 percent over a year earlier, from 1.9 percent recorded in the first quarter. Manufacturing, agriculture and services were the main source of growth, while mining contracted.

Year-on-year, the most notable performance of industries in the second quarter of 2013 was for the agriculture, forestry and fishing, which increased for the second consecutive quarter by 6.7 percent.

Manufacturing expanded 2.7 percent in the second quarter of 2013, from 0.4 percent in the previous three-month period and wholesale and retail trade growth accelerated to 2.4 percent, from 2.1 percent. Finance, real estate and business services increased 2.6 percent from 2.4 percent in the first quarter and the electricity sector expanded 0.2 percent, from a 2.4 percent contraction in the first three months of 2013.

Growth in construction and transport and communication sectors decelerated in the second quarter of 2013 to 1.3 percent and 1.7 percent, respectively, from 1.6 percent and 1.8 percent in the previous quarter. 

In contrast, mining and quarrying shrank by 2.8 percent year-on-year, following a 3.7 percent recovery in the previous quarter. 

On a quarter-over-quarter basis, the GDP expanded by an annualized rate of 3 percent, the fastest pace in four quarters. 

South African Economy Expands 2% YoY in Q2

Statistics South Africa | Joana Taborda |
8/27/2013 11:20:10 AM