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Financial News: South Africa's Economy Contracts In Q1

South Africa's Economy Contracts In Q1

06/05/2018 - 06:01:00 (RTTNews)

(RTTNews) - South Africa's economy contracted in three months ended March after expanding in the previous three quarters, preliminary data from Statistics South Africa showed Tuesday.

Gross domestic product fell 2.2 percent sequentially in the first quarter, reversing a 3.1 percent rise in the fourth quarter.

In the third quarter of 2017, the rate of growth was 2.3 percent.

On the expenditure side, household final consumption rose 1.5 percent over the quarter, while gross fixed capital formation declined by 3.2 percent.

Both exports and imports decreased by 16.5 percent and 6.5 percent, respectively.

On an annul basis, GDP growth eased to 0.8 percent in the March quarter from 1.5 percent in the December quarter. Meanwhile, the growth was forecast to improve to 1.8 percent.

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