SA economy ended 2017 on strong footing
South Africa's economy grew by 3.1 percent in the fourth quarter of 2017, ending the year on a strong footing, according to Statistics South Africa (Stats SA).
Stats SA's Deputy DirectorGeneral: Economic Statistics Joe de Beer announced that gross domestic product (GDP) in the fourth quarter grew by 3.1 percent following a revised growth of 2.3 percent in the fourth quarter. Growth in the third quarter of 2017 was revised upwards from an initial two percent.
On an annual basis GDP grew by 1.3 percent in 2017.
“That 1.3 percent is calculated as the sum of four quarters of 2017,” said De Beer.
On a quarter-on-quarter basis, the largest positive contributor to GDP growth in the fourth quarter was the agriculture, forestry and fishing industry which increased by 37.5 percent – contributing 0.8 percent to GDP growth.
The trade, catering and accommodation industry increased by 4.8 percent and contributed 0.6 percent to GDP growth.The manufacturing industry and finance, real estate and business services increased by 4.3 percent and 2.5 percent, respectively, contributing 0.5 percent to GDP growth.
However, mining and quarrying decreased by 4.4 percent.
In quarter four, nominal GDP was estimated at R1 208 billion which is R29 billion more than in the third quarter.
On an annual basis, real GDP grew by 1.3 percent in 2017 following an increase of 0.6 percent in 2016 primarily led by increased economic activity by the finance, real estate and business services that contributed 0.4 percent.
The 0.4 percent contribution was based on growth of 1.9 percent in agriculture, forestry and fishing, among others.