SA econ­omy ended 2017 on strong foot­ing

Public Sector Manager - - In Other News -

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.

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