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Financial News: South Africa Q1 GDP Growth Accelerates Unexpectedly

South Africa Q1 GDP Growth Accelerates Unexpectedly

06/07/2022 - 10:42:00 (RTTNews)

(RTTNews) - South Africa's economic growth accelerated unexpectedly in the three months ended March, preliminary data from Statistics South Africa showed Tuesday.

Gross domestic product advanced 1.9 percent sequentially in the March quarter, following a 1.4 percent rise in the December quarter. Economists had forecast a 1.2 percent expansion for the current period.

On the expenditure breakdown, household final consumption grew 1.4 percent compared to the previous quarter and government final consumption climbed 1.0 percent.

Gross fixed capital formation logged an increase of 3.6 percent in the first quarter, driven by more investment in machinery and equipment, transport equipment and other assets.

Net exports contributed negatively to GDP growth in the first quarter, as imports of goods and services grew at a faster pace of 4.9 percent, while exports rose only 3.9 percent.

On an annual basis, GDP growth quickened to 3.0 percent in the first quarter from 1.7 percent in the fourth quarter. Growth was expected to remain steady at 1.7 percent.

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