CAPE TOWN: Economic growth slowed in the first quarter of 2015, weighed down by sectors such as agriculture and manufacturing.
Statistics SA gross domestic product (GDP) data showed on Tuesday that the economy expanded by a seasonally adjusted and annualised 1.3% in the first quarter of 2015 compared with 4.1% in the fourth quarter of 2014. Growth, however, accelerated by 2.1% year on year.
According to a median consensus forecast from a BDlive survey of 10 economists‚ GDP growth had been expected to slow to a seasonally adjusted and annualised 1.9%. UFX.com managing director Dennis de Jong said Finance Minister Nhlanhla Nene would be pleased with the year-on-year GDP figures released on Tuesday, but the poor quarterly data would not allow him to get too carried away.
tats SA said the largest contributions to the quarter-on-quarter growth of 1.3% were as follows: the mining and quarrying industry contributed 0.8 of a percentage point based on growth of 10.2%; finance, real estate and business services contributed 0.7 of a percentage point based on growth of 3.8%; and the wholesale, retail and motor trade, catering and accommodation industry contributed 0.2 of a percentage point based on growth of 1.2%.
