South African GDP Growth Accelerates in Q4

South African economic growth quickened to a better-than-expected annualized rate of 3.8 percent over the previous quarter, as both mining and manufacturing sectors grew at double-digit rates. In 2013, the economy grew a meager 1.9 percent.

Q4 2013 GDP growth rate is the largest in two years and went up significantly from 0.7 percent annualized growth in the third quarter.

The largest contribution to the quarter-on-quarter growth came from the manufacturing industry which advanced at an annualized 12.3 percent, due to higher production of food and beverages; petroleum, chemical products, rubber and plastic products; and motor vehicles, parts and accessories.

The mining sector advanced at an annualized 15.7 percent respectively, boosted by higher production of gold, platinum and diamonds.

The wholesale, retail and motor trade; catering and accommodation industry and finance, real estate and business services grew 2.3 percent and 1.5 per cent respectively. The growth in finance, real estate and business services was due to increased activities in commercial banks.

In contrast, production of electricity, gas and water dropped by an annualized 5.6 percent, due to lower consumption of electricity and water.

Year-on-year, the economy accelerated to 2 percent, following a revised 1.7 percent expansion in the previous quarter. 

South African GDP Growth Accelerates in Q4

Statistics South Africa | Joana Taborda |
2/25/2014 10:11:08 AM