South Africa GDP Grows 1.2% QoQ in Q2
The South African GDP grew 1.2% on quarter in the three months to June of 2021, following a 1% expansion in the previous period and compared with market expectations of a 0.7% growth. Six out of ten industries reported positive growth rates in the second quarter, with transport (6.9% vs -1.1% in Q1), personal services (2.5% vs 0.6%) and trade (2.2% vs 2.6%) industries making the most significant contributions. Also, the agricultural sector rebounded sharply (6.2% vs -0.1%) due to increased production of field crops, horticulture and animal products. Conversely, declines were seen in manufacturing (-0.8% vs 0.5%), construction (-1.4% vs 0.5%), finance, real estate and business services (-0.4% vs 1.3%) and government services (-0.9% vs 0.3%). Year-on-year, the economy advanced at a record 19.3%, beating market forecasts of a 17.5% growth. Statistics South Africa no longer reports an annualized growth rate and now uses 2015 as the base year for the data.
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