Economy


Manufacturing leads GDP rebound

28 August 2013

South Africa's economy rebounded in the second quarter, growing at 3.0 percent compared to 0.9 percent in the first quarter, with manufacturing the main driver of the growth, Statistics SA reported on Tuesday.

"The seasonally adjusted real GDP [gross domestic product] at market prices for the second quarter of 2013 increased by an annualised rate of 3.0 percent compared with an increase of 0.9 percent during the first quarter of 2013," Stats SA said in a statement.

The nominal GDP at market prices during the second quarter was R836-billion, R23-billion more than in the first quarter.

StatsSA attributed the growth to increased activity in manufacturing (up by 1.7 percentage points), finance, real estate and business services (up by 0.8 of a percentage point), the wholesale, retail and motor trade, and catering and accommodation (both up by 0.4 of a percentage point).

The mining, agriculture, foresty and fishing were among the negative contributors to second-quarter GDP.

South Africa's manufacturing industry reflected positive growth of 11.5 percent, due to higher production in basic iron and steel, non-ferrous metal products, metal products and machinery, motor vehicles, parts and accessories, glass and non-metallic products, and textiles, clothing and leather products.

The growth in finance, real estate and business services was due to increased activities in the banking sector and equity, bond and other financial markets.

The mining and quarrying industry reflected negative growth of 5.6 percent, due to lower production in the mining of gold, "other" metal ores (including platinum) and "other" mining and quarrying (including diamonds).

The unadjusted real GDP at market prices for the second quarter of 2013 increased by 2.0 percent compared with the second quarter of 2012. The estimate of GDP for the first six months of 2013 increased by 2.0 percent compared with the corresponding period in 2012.

Source: SAnews.gov.za

Tellumat's factory outside Cape Town Electronics manufacturing at Tellumat's state-of-the-art factory in Atlantis, north of Cape Town (Photo: Tellumat)

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