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Third quarter GDP rises by 0.7%

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South Africa’s real Gross Domestic Product (GDP) increased by 0.7% in the third quarter of 2013 compared to a revised 3.2% growth in the second quarter, said Statistics South Africa (Stats SA).

“Real gross domestic product at market prices increased by 0.7% quarter-on-quarter, seasonally adjusted and annualised,” said Stats SA on Tuesday.

Mining and quarrying, finance, real estate and business services, the wholesale, retail and motor trade, catering as well as the transport, storage and communication industry contributed to the quarter-on-quarter growth of 0.7%.

Economic activity in the manufacturing industry reflected negative growth due to lower production in the motor vehicle, parts and accessories and other transport equipment division.

“The unadjusted real GDP at market prices increased by 1.8% year-on-year,” said Stats SA.

The unadjusted real GDP at market prices for the first nine months of 2013 increased by 1.9% compared to the first nine months of 2012.

Market expectation was for GDP to expand by 1.2%. – SAnews.gov.za

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Alan Straton

Chief Cook, Bottle Washer and Broom Mechanic at MyPE
Passionate about Port Elizabeth and definitely NOT packing for Perth. Alan's ethos is epitomised in the words of Nelson Mandela; "I have fought against white domination and I have fought against black domination. I have cherished the idea of a democratic and free society. If need be, it is an ideal for which I am prepared to die." See more articles by Alan.