CAPE TOWN: South Africa’s gross domestic product (GDP) increased by 4.1% in the fourth quarter of 2014.
“Real gross domestic product at market prices increased by 4.1% quarter-on-quarter, seasonally adjusted and annualised,” Stats SA said. This growth was more than what markets had expected.
“GDP growth accelerated by much more than the markets expected in the final quarter of 2014, growing by a seasonally adjusted and annualised 4.1% quarter-on-quarter, up from 2.1% and 0.5% in the third and second quarters respectively and better than the consensus market forecast of 3.7%,” said Nedbank economists.
The largest contribution to the quarter-on-quarter growth of 4.1% was manufacturing that contributed 1.2% based on growth of 9.5%. The mining and quarrying industry contributed 1.1% based on growth of 15.2%. The finance, real estate and business services contributed 0.7% based on growth of 3.5%.
Economic activity in the manufacturing industry reflected positive growth of 9.5% due to higher production in petroleum, chemical products, rubber and plastic products division, among others.
