South Africa GDP Annual Growth Beats Estimates in Q3


The South African economy advanced 1.1 percent year-on-year in the third quarter of 2018, after expanding 0.4 percent in the prior period and above market consensus of a 0.5 percent growth. It was the strongest growth rate since the last quarter of 2017, mostly boosted by a rebound in agriculture and transport, storage and communication sectors.

Higher growth rates were seen for finance, real estate and business services (2.8 percent compared to 1.8 percent in Q2); manufacturing (1.6 percent compared to 0.5 percent); trade, catering and accommodation (0.9 percent compared to 0.1 percent); electricity, gas and water (1.4 percent compared to a flat reading); and general government services (1.0 percent compared to 0.8 percent). Additionally, output rebounded for agriculture (1.2 percent compared to -6.9 percent) and transport, storage and communication (1.2 percent compared to -0.2 percent).

On the other hand, the mining and quarrying sector contracted (-3.5 percent compared to 0.4 percent) while output shrank further for construction (-1.9 percent compared to -1.1 percent). Also, slower growth rate was recorded for personal services (0.6 percent compared to 1.0 percent).

On a seasonally adjusted quarterly basis, the economy expanded 2.2 percent on quarter in the three months to September, following a downwardly revised 0.4 percent contraction in the previous period and beating market expectations of a 1.6 percent expansion. It was the strongest growth rate since the last quarter of 2017 and shrinking for two consecutive periods, mainly driven by manufacturing, transport and communication and real state and business services.

South Africa GDP Annual Growth Beats Estimates in Q3


Statistics South Africa | Stefanie Moya | stefanie.moya@tradingeconomics.com
12/5/2018 4:18:37 PM