S.Africa’s real GDP up 1.4% quarter-on-quarter - CNBC Africa

S.Africa’s real GDP up 1.4% quarter-on-quarter

Southern Africa

by Trust Matsilele 0

Agriculture was one of the main contributers to the country's GDP growth in the third quarter. PHOTOS: uwex

Statistics South Africa (Stats SA) released these estimates today adding that the largest contributions to the quarter-on-quarter growth were finance, agriculture, real estate and catering.

(READ MORE: S.Africa’s GDP growth estimated to rise by 1.1% in 2015)

“The growth in the agriculture, forestry and fishing industry was due to high production in field crops and animal products,” read Stats SA statement.

The metalwork industry affected other complimentary sectors such as the manufacturing industry partly due to the wildcat strikes.

“Economic activity in the manufacturing industry reflected negative growth of 3.4 per cent due to lower production in the basic iron and steel, non-ferrous metal products, metal products and machinery.”

The organisation reported the agriculture, forestry and fishing industry and the transport, storage and communication industry each as contributing 0.2 of a percentage point based on increases of 8.2 per cent and 2.2 per cent respectively.

Stats SA reported the unadjusted real GDP at market prices for the first nine months of 2014 increased by 1.5 per cent compared with the first nine months of 2013.

The nominal GDP at market prices during the third quarter of 2014 was 963 billion rand, which is 25 billion rand more than in the second quarter of 2014.

(READ MORE: S.Africa dodges recession as q2 GDP grows 0.6%)

The most notable performances were as follows mining and quarrying that expanded by nine billion rand to 76 billion rand, manufacturing expanded by seven billion rand to 116 billion rand.

Finance, real estate and business services expanded by six billion rand to 175 billion rand while, agriculture, forestry and fishing contracted by 14 billion rand to 22 billion rand.