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06 Sep 2016 12:19
The South African Reserve Bank. (Gallo)
South Africa’s gross domestic product (GDP) grew by 3.3% quarter-on-quarter in the second quarter of 2016, after contracting by 1.2% in the previous quarter, Statistics SA announced on Tuesday.The year-on-year growth was 0.6%.
Mike de Beer, who announced the growth stats on behalf of Statistician General Pali Lehohla, said for the first time in a long while there was a positive growth rate in all three the large sectors. The primary sector showed a growth rate of 8.8%, with mining up by 11.8% and agriculture down 0.8%.
The secondary sector grew by 5.3% with manufacturing up 8.15%, construction up by 0.1% and electricity down by 1.8%.
There were notable increases in the petroleum and motor vehicle manufacturing divisions.
The tertiary sectors showed a growth rate of 2%, with finance up 2.9%, transport up 2.9%, trade up 1.4%, government up 1.2% and personal services up 0.8%.
He indicated that manufacturing, mining and quarrying made the biggest contribution to GDP growth.
Nominal GDP is estimated at just more than R1-trillion. The finance sector is the biggest contributor followed by government, trade and manufacturing. About R1 in R5 comes from the financial sector.
Real expenditure on GDP increased by 3.4% in the second quarter on a q/q basis. It was mostly export driven. Government consumption expenditure increased by 1.3%. There were declines in gross fixed capital formation and imports of goods and services.
Household final consumption expenditure increased by 1% q/q. The strongest growth came from miscellaneous goods and services (8.9%). The growth in consumption expenditure was mostly on the services side.
Government final consumption expenditure increased by 1.3% q/q and gross fixed capital formation decreased by 4.6% q/q. Construction works declined by 14.4% and machinery and other equipment by 13%.
Exports increased by just over 18% in the second quarter, while imports decreased by 5.1% q/q.
De Beer said the growth rate tells the same story as the last 3 or 4 years in terms of GDP growth. – Fin24
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