South African GDP Growth Slows to 0.9% QoQ in Q1 2013
In South Africa, the seasonally adjusted GDP for the first quarter of 2013 increased by an annualized rate of 0.9 percent quarter-on-quarter, compared with an expansion of 2.1 percent in the fourth quarter of 2012. It is the weakest pace since the contraction in the second quarter of 2009, mainly due to a shrinkage in manufacturing output.
On a quarter-on-quarter basis, the mining and quarrying industry expanded by an annualized rate of 14.6 percent, due to higher production in gold mining and the mining of other metal ores (including platinum).
Finance, real estate and business services increased by an annualized rate of 3.3 percent, due to increased activities in the equity, bond and other financial markets in auxiliary activities.
The transport, storage and communication industry recorded a 2.2 percent expansion while general government services grew by an annualized rate of 1.9 percent.
The wholesale, retail, motor trade, catering and accommodation industry expanded by 1.9 percent and the construction sector grew by an annualized rate of 0.9 percent.
Economic activity in the manufacturing industry reflected negative growth of 7.9 percent, due to lower production in the petroleum, chemical products, rubber and plastic products division, the basic iron and steel, metal products and machinery division, the wood and wood products, the furniture and other manufacturing division and the radio, television and communication apparatus and professional equipment division.
Agriculture, forestry and fishing industry shrank by an annualized rate of 4.9 percent.
On a year-over-year basis, the GDP expanded by 1.9 percent.
5/28/2013 11:51:36 AM