South Africa GDP Annual Growth Rate Down to 0.8% in Q3

The South African economy advanced 0.8 percent year-on-year in the third quarter of 2017, below an upwardly revised 1.3 percent expansion in the previous period which was the highest growth rate in two years. Still, figures matched market expectations. Mining rose faster while agriculture eased and manufacturing shrank for the fourth quarter.

Slower growth rates were seen for agriculture (19.6percent compared to 31.8 percent in Q2); construction (0.4 percent compared to 0.7 percent); transport, storage and communication (0.9 percent compared to 1.2 percent) and finance, real estate and business services (1 percent compared to 1.1 percent). Also, contractions were seen for manufacturing (-0.7 percent compared to -2 percent); elecricity, gas and water (-0.8 percent compared to 0.5 percent); trade, catering and accommodation (-0.9 percent compared to -1.2 percent) and government services (-0.4 percent compared to 0 percent).

On the other hand, higher growth rates were recorded for mining (3.2 percent compared to 3.1 percent in Q2) and personal services (1.5 percent compared to 1.1 percent).

On a seasonally adjusted quarterly basis, the economy expanded an annualized 2 percent, below an upwardly revised 2.8 percent growth in the previous quarter but beating market expctations of 1.5 percent. The largest contributor to growth was the agriculture, forestry and fishing industry which increased by 44.2 percent, mainly due to higher production of field crops and horticultural products.

Considering the first nine months of the year, the economy advanced 1 percent. 

South Africa GDP Annual Growth Rate Down to 0.8% in Q3

Statistics South Africa | Joana Taborda |
12/5/2017 10:06:22 AM