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Thu May 25 18:17:49 SAST 2017

South Africa's economic growth down

Sapa | 2014-05-27 14:40:32.0
A police car escorts a bus outside Lonmin's Saffy shaft mine in Rustenburg. File photo.
Image by: SIPHIWE SIBEKO / REUTERS

South Africa's economy shrunk by 0.6 percent in the first three months of the year, Statistics SA reported on Tuesday.

"The seasonally adjusted real GDP at market prices for the first quarter of 2014 decreased by an annualised rate of 0.6 percent compared with an increase of 3.8 percent during the fourth quarter of 2013," it said in a statement.

"The main contributors to the decrease in economic activity in the first quarter of 2014 were the mining and quarrying industry (-1.3 percentage points) and the manufacturing industry (-0.7 of a percentage point)."

Positive contributions by other industries included finance, real estate, and business services (0.4 of a percentage point), the wholesale, retail, and motor trade, catering and accommodation industry (0.3 of a percentage point), and the transport, storage, and communication industry and general government services (each contributing 0.2 of a percentage point).

"The seasonally adjusted real annualised value added by the primary and secondary sectors recorded decreases of 17.2 percent and 2.7 percent respectively, while the tertiary sector recorded an increase of 1.8 percent during the first quarter of 2014."

Stats SA listed the most notable performances of industries in the first quarter of the year compared with the first quarter of 2013 as:

-- The construction industry increased by 4.9 percent;

-- The manufacturing industry increased by 2.4 percent;

-- The wholesale, retail, and motor trade, catering and accommodation industry increased by 2.2 percent;

-- Finance, real estate, and business services increased by 2 percent;

-- The mining and quarrying industry decreased by 2.5 percent; and

-- The agriculture, forestry, and fishing industry decreased by 1.6 percent.

GDP was estimated at R874 billion for quarter one of 2014 -- R2bn less than the previous quarter.

Finance, real estate and business services grew by R7bn to R172bn, while agriculture, forestry, and fishing expanded by R6bn to R15bn.

Construction also showed upwards growth to R31bn -- R4bn up from the last quarter.

Wholesale, retail and motor trade, catering and accommodation was the worst off, contracting by R16bn to R127bn.

Mining and quarrying declined by R6bn to R67bn.

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