South African economy slows dramatically

South Africa’s real gross domestic product (GDP) increased by 0,9% in the first quarter of 2013, Statistics South Africa said on Tuesday.

South African economy slows dramatically

The increase in GDP was lower than the 2,1% achieved in the fourth quarter of 2012. However, when compared to the first quarter of 2012, the GDP increased by 1,9%.

Main contributors to the increase in economic activity in the first quarter of 2013 were the mining and quarrying industries, finance, real estate and business services, which each contributed 0,7 of a percentage point.

General government services contributed 0,3 of a percentage, while wholesale, retail, motor trade, catering, accommodation, transport, storage and communications each contributed 0,2 of a percentage point.

Sectors which experienced declines were manufacturing at -1,2%, while the agriculture, forestry, fishing, electricity, gas and water industries each contributed -0.1 of a percentage point.

Nominal GDP at market prices in the first quarter of 2013 was R814bn, which was R1bn less than the fourth quarter of 2012. Finance, real estate and business services expanded by R7bn to R161bn in the first quarter of 2013.

Agriculture, forestry and fishing expanded by R4bn to R14bn, while the construction sector grew by R4bn to R31bn. Wholesale, retail and motor trade, catering and accommodation decreased by R15bn to R115bn.

The transport, storage and communications sector declined by R5bn to R63bn. Mining and quarrying decreased by R3bn to R63bn. — Sapa

SA economy slows dramatically


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