South Africa Annual GDP Growth Slows to 1%

The South African economy advanced 1 percent year-on-year in the third quarter of 2015, easing from an upwardly revised 1.3 percent expansion in the previous period and lower than market expectations of a 1.3 percent rise. It is the lowest growth rate since the 2009 recession due to a slowdown in manufacturing and finance, real estate and business services while agriculture and utilities contracted for the third straight quarter.

The mining sector recorded the highest increase (up 4.3 percent compared to a 1.4 percent rise in Q2) while wholesale and retail trade (up 1.3 percent compared to 1.2 percent in Q2), construction (up 2.1 percent compared to 1.7 percent in Q2) and transportation and communication (up 1.7 percent compared to 1.1 percent in Q2) accelerated. In contrast, finance, real estate and business services (up 2.9 percent compared to 3.1 percent in Q2) and manufacturing (up 0.4 percent compared to 1.4 percent in Q2) grew at a slower pace while utilities output (down 0.4 percent) and agriculture (down 7.3 percent) contracted. 

On a quarter-on-quarter seasonally adjusted annualized basis, the economy expanded 0.7 percent, rebounding from a 1.3 percent contraction in the three months to June but lower than market expectations.

Considering the first nine months of the year, the GDP increased 1.5 percent from the same period in 2014.

South Africa Annual GDP Growth Slows to 1%

Statisitics South Africa | Joana Taborda |
11/24/2015 10:27:07 AM