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Financial News: South African Economy Expands More Than Expected In

South African Economy Expands More Than Expected In Q2

09/05/2017 - 06:23:00 (RTTNews)

(RTTNews) - South African economy expanded during the three months ended June, after entering a technical recession in the first quarter, figures from Statistics South Africa showed Tuesday.

Gross domestic product advanced 2.5 percent sequentially in the second quarter, reversing a 0.6 percent fall in the fourth quarter, which was revised from a 0.7 percent decline reported earlier.

Economists had expected a 2.3 percent growth for the second quarter.

In the fourth quarter of 2016, the rate of contraction was 0.3 percent.

The largest positive contributor to growth in GDP in the second quarter was the agriculture, forestry and fishing industry, which increased by 33.6 percent and contributed 0.7 of a percentage point to GDP growth, the statistical office reported.

On the expenditure side, household final consumption grew 4.7 percent over the quarter, while gross fixed capital formation decreased by 2.6 percent.

Changes in inventories in the second quarter contributed -0.2 percentage points to total growth.

Both exports and imports rose by 14.4 percent and 13.3 percent, respectively.

On an annual basis, the economy expanded at a slightly faster pace of 1.1 percent during the June quarter, following a 1.0 percent increase in the March quarter. Meanwhile, the growth was forecast to moderate to 0.5 percent.

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