South Africa: economic growth recoups 3.3%
South Africa's GDP grew 3.3% in the second quarter of 2016, a significant recovery after contracting by 1.2% during the previous quarter, announced national statistics office (Stats SA) on 6 September.

The rainbow nation's quarter-on-quarter growth was a more modest 0.6%. Manufacturing and mining industries were the biggest contributors to GDP growth in Q2 2016. The industrial sector grew by 8.1%, mainly due to higher production in petrochemicals, rubber and plastic products and motor vehicles. The mining industry swelled by 11.8%. Only two sectors contracted over the second quarter, with agriculture, forestry and fishing down 0.8%, and electricity, gas and water down 1.8%. Exports grew by 18.1%, largely thanks to a rise in exports of precious metals and transportation vehicles and equipment. Imports dropped 5.1%, affected by a decrease in machinery and electronic equipment imports. South Africa's GDP contraction in the first quarter of the year was mostly due to the poor performance of the mining industry as it faced weak commodity prices and recurring social movements.

Source: Agence Ecofin

YOUR REACTION?

Facebook Conversations



Disqus Conversations