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South Africa’s gross domestic product (GDP) grew 3.3% in the second quarter of this year, Statistics South Africa (Stats SA) said on Tuesday. This is a significant increase following a 1.2% decline in the GDP for the first quarter as the economy was negatively impacted by the weak rand, a decline in commodity prices and the drought. Seasonally adjusted real #GDP for Q2:2016 up by an annualised rate of 3,3% #StatsSA #SoundCloud https://t.co/TrUzJblFnR Stats SA said the main contributors to the GDP growth rate were the manufacturing industry, and the mining and quarrying industry. Manufacturing increased by 8.1%, largely as a result of higher production in petroleum, chemical products, rubber and plastic products; and motor vehicles, parts and accessories and other transport equipment. Mining and quarrying grew by 11.8%, largely as a result of higher production of platinum group metals. Only two industries contracted in the second quarter; agriculture, forestry and fishing contracting by 0.8%; and electricity, gas and water by 1.8%. |
