GDP grows by 3%

investment money 1 GDP grows by 3%

The South African economy grew by 3% in the second quarter of 2013.

This was compared with a 0.9% increase in the real GDP in the first quarter of the year, Stats SA said today.

The main contributors to the increase in economic activity in the second quarter of 2013 were the manufacturing industry (1.7%), finance, real estate and business services (0.8%) and the wholesale, retail and motor trade; catering and accommodation industry (0.4%).

Sectors that experienced declines were the mining and quarrying industry at -0.3% and the agriculture, forestry and fishing industry at -0.1%.

Nominal GDP at market prices in the second quarter of 2013 was R836 billion, which was R23 billion more than the first quarter of 2013.

The agriculture, forestry and fishing industry expanded by R19 billion to R33 billion in the second quarter of 2013.

General government services expanded by R7 billion to R127 billion, while the wholesale, retail and motor trade, and catering and accommodation expanded by R5 billion to R120 billion.

The manufacturing industry decreased by R1 billion to R89 billion.

Finance, real estate and business services declined by R1 billion to R160 billion.

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