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Q3 GDP at 1,4%
| News by Staff ReporterThis is according to the latest data from Stats SA
The South African economy grew at a rate of 1,4% in the third quarter of 2011, according to Gerhardt Bouwer of Statistics South Africa (Stats SA).Gerhardt Bouwer, Stats SA’s executive manager of national accounts, said the expansion of 1,4% in the third quarter of 2011 was 0,1 of a percentage point higher than growth in the previous quarter, which came in at 1,3%.
“The seasonally adjusted real GDP at market prices for the third quarter of 2011 increased by an annualised rate of 1,4 per cent compared with an increase of 1,3 per cent during the second quarter of 2011,” said Stats SA.
The main contributors to the increase in economic activity quarter-on-quarter were finance, real estate and businesses services (0,9 of a percentage point), the wholesale, retail and motor trade, catering and accommodation industry (0,7 of a percentage point) and general government services (0,5 of a percentage point).
These increases were partially counteracted by decreases in the mining and quarrying industry, the manufacturing industry, as well as the agriculture, forestry and fishing industry.
Bouwer said the largest factor in terms of the decreases were the nationwide strikes experienced earlier this year.
Stats SA added that based on the latest available indicators it is estimated that GDP in 2010 grew at a rate of 2,9%, following a decrease of 1,5% in 2009, which was revised from 1,7%.
Source: www.bizpremises.co.za
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