Financial News: South African GDP Expands 0.4% In Q2

South African GDP Expands 0.4% In Q2

09/03/2024 - 09:44:00 (RTTNews)

(RTTNews) - The South African economy advanced in the second quarter after remaining stagnant in the previous quarter, data from Statistics South Africa showed on Tuesday.

In real terms, gross domestic product rose 0.4 percent sequentially after a flat change in the March quarter.

Seven industries recorded positive growth compared to the previous quarter. The finance industry increased the most by 1.3 percent, followed by the trade industry with 1.2 percent growth.

On the expenditure side, household final consumption rose 1.4 percent, and government consumption was 1.0 percent higher in comparison with the previous quarter. Meanwhile, investments declined 1.4 percent, and net foreign demand negatively contributed by 0.6 percent.

On a yearly basis, GDP growth eased to 0.7 percent in the second quarter from 1.9 percent in the previous quarter.

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