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GCIS: GDP in the third quarter of 2016 grew by 0,2%

GCIS: GDP in the third quarter of 2016 grew by 0,2%

6th December 2016

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/ MEDIA STATEMENT / The content on this page is not written by Polity.org.za, but is supplied by third parties. This content does not constitute news reporting by Polity.org.za.

South Africa’s gross domestic product (GDP) growth rate was 0,2% in the third quarter of 2016.1
The main contributors to the GDP growth rate were the mining and quarrying industry; finance, real estate and business services; and general government services. Mining and quarrying increased by 5,1%, largely as a result of higher production in the mining of ‘other’ metal ores, in particular iron ore.

Four industries contracted in the third quarter, namely agriculture, forestry and fishing (-0,3%); manufacturing (-3,2%); electricity, gas and water (-2,9%); and trade, catering and accommodation (-2,1%). The agriculture, forestry and fishing industry has been in decline for seven consecutive quarters.

Expenditure on GDP2
Expenditure on real gross domestic product grew by 0,5% in the third quarter of 2016.
Household final consumption expenditure increased by 2,6% in the second quarter. Apart from the ‘other’ category the increase was mainly the result of expenditure on health services, which increased by 10,0% and contributed 0,7 of a percentage point to growth in HFCE.

Government final consumption expenditure increased by 2,1%.

Gross fixed capital formation decreased by 1,0%. The main contributor to the decline was transport equipment. There was a R20 billion build-up of inventories in the third quarter (following a R28 billion drawdown in the second quarter), which contributed 6,3 percentage points to total growth.

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Net exports contributed negatively to total expenditure on GDP. Exports decreased by 26,4%, mainly because of lower exports of precious metals and transport equipment. Imports decreased by 4,9%, mainly because of lower imports of machinery and electrical equipment.

 

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Issued by GCIS on behalf of the Statistics South Africa

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