South Africa’s GDP grew-up by 2% in the third quarter of 2017

South Africa GDP rises up by 2%
South Africa GDP rises up by 2%

South Africa’s Gross Domestic Product (GDP) grew by at-least two percent (2%) in the third quarter of 2017.

“In quarter three of 2017, the economy grew by 2% and we can see that year-on-year [it came in at] 0.8% and on a nine-month to nine-month basis, it came in at 1%,” said Statistician General Risenga Maluleke.

Maluleke on Tuesday addressed his first GDP media briefing as Statistician General since taking over from his predecessor Pali Lehohla on 1 November.

“Looking at growth rates over time, from quarter four of 2016 there was some negative growth in two quarters, including quarter one of 2017 but there was a [revised] 2.8% growth in quarter two of 2017,” Maluleke said in Tshwane.

Second quarter GDP growth, which pulled the South African economy from a technical recession, was revised from 2.5% to 2.8% after the incorporation of revised data sources.

In the third quarter, the primary sector leveraged the highest growth at 14.9%, while the secondary sector had growth of 2.1%, followed by the tertiary sector with 0.3%.

The agriculture, forestry and fishing industry was the largest contributor to growth in GDP at 44.2% and contributing 0.9% to GDP. The increase in agriculture was driven by increased production of field crops and horticultural products.

Mining and quarrying increased by 6.6% and contributed 0.5% to GDP growth, while manufacturing increased by 4.3%, contributing 0.5% to GDP growth. Growth in mining was mostly due to increased production for gold and platinum group metals.

However, there was negative growth in trade, catering and accommodation and general government services. Negative growth in trade was due to weaknesses in wholesale trade sales, despite a rebound in retail trade sales while negative growth in general government services was partly attributed to declining employment numbers.

“The biggest [contributor of] negative growth was electricity at a negative 5.5%,” said Maluleke.

Electricity generated and consumed as well as water distribution declined.

Nominal GDP values in the third quarter came in at an estimated R1 168 billion in the third quarter. Manufacturing was up by R9 billion to R140 billion, while mining was up by R7 billion to R83 billion and electricity was down by R6 billion to 39 billion.

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