South Africa’s economy grew at a slower-than-expected pace in the first quarter, figures from Statistics South Africa showed Tuesday.
Gross Domestic Product grew a seasonally adjusted and annualized 1.3 percent sequentially in the first quarter after the 4.1 percent expansion in the fourth quarter. Economists had expected 1.5 percent growth.
A 10.2 percent increase in the mining and quarrying sector contributed 0.9 percentage points to overall GDP growth. In the previous quarter, mining output was up 15.2 percent.
On the other hand, manufacturing output fell 2.4 percent, reversing some of the 9.5 percent growth in the previous quarter. Agriculture, forestry and fishing output dropped 16.6 percent, reversing the 7.5 percent increase in the previous quarter.
A 3.8 percent rise in finance, real estate and business services contributed 0.7 percentage points to the overall GDP growth, and a 1.2 percent increase in wholesale, retail and motor trade, catering and accommodation industry contributed 0.2 percentage points.
On a yearly basis, economic growth improved to 2.1 percent in the first quarter from 1.3 percent in the previous quarter. The year-over-year growth was in line with expectations.
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