GDP in the third quarter of 2016 grew by 0,2%
South Africa’s gross domestic product (GDP) growth rate was 0,2% in the third quarter of 2016.1
The main contributors to the GDP growth rate were the mining and quarrying industry; finance, real estate and business services; and general government services. Mining and quarrying increased by 5,1%, largely as a result of higher production in the mining of ‘other’ metal ores, in particular iron ore.
Four industries contracted in the third quarter, namely agriculture, forestry and fishing (-0,3%); manufacturing (-3,2%); electricity, gas and water (-2,9%); and trade, catering and accommodation (-2,1%). The agriculture, forestry and fishing industry has been in decline for seven consecutive quarters.
Expenditure on GDP2
Expenditure on real gross domestic product grew by 0,5% in the third quarter of 2016.
Household final consumption expenditure increased by 2,6% in the second quarter. Apart from the ‘other’ category the increase was mainly the result of expenditure on health services, which increased by 10,0% and contributed 0,7 of a percentage point to growth in HFCE.
Government final consumption expenditure increased by 2,1%.
Gross fixed capital formation decreased by 1,0%. The main contributor to the decline was transport equipment.
There was a R20 billion build-up of inventories in the third quarter (following a R28 billion drawdown in the second quarter), which contributed 6,3 percentage points to total growth.
Net exports contributed negatively to total expenditure on GDP. Exports decreased by 26,4%, mainly because of lower exports of precious metals and transport equipment. Imports decreased by 4,9%, mainly because of lower imports of machinery and electrical equipment.
Media enquiries:
Trevor Oosterwyk (Chief Director: Communications)
Tel: 012 310 4687
Cell: 082 908 9104
E-mail: trevoro@statssa.gov.za
Technical enquiries:
Michael Manamela (Chief Director: National Accounts)
Tel: 012 310 8520
Cell: 082 888 2205
E-mail: michaelm@statssa.gov.za
