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SA exits recession with 2.5% GDP growth
MG
Posted on: September 5th 2017
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© MG

South Africa’s gross domestic product has rebounded with 2.5% growth for the second quarter of the year.

This is an imporvement from the contraction reported for two consecutive quarters. GDP declined 0.3% in the fourth quarter of 2016 and 0.7% in the first quarter of 2017.

Second-quarter data shows year-on-year GDP growth was 1.1%, and for the six months growth has been 1.1%. The nominal GDP is estimated at R1.145-billion.

Statistician general Pali Lehohla explained that the primary industry contributed “significantly” to the growth numbers, with growth of 10.3%.

Lehohla described growth in the agricultural sector as “shooting through the roof” by 33.6%. It contributed 0.7 of a percentage point to overall GDP growth. Mining grew 3.9%, contributing 0.3 of a percentage point to overall growth.

The secondary sector grew 1.9%, with growth in the manufacturing industry up 1.5%. Electricity production increased 8.8%, while construction declined 0.5%.

The tertiary sector reported growth of 1.2%, with trade up 0.6%, transport up 2.2% and finance up 2.5%. The finance, real estate and business services contributed 0.5 of a percentage growth to GDP. General government services decreased 0.6%, contributing a -0.1 of a percentage point to GDP growth.

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