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Johannesburg - South Africa’s real gross domestic product (GDP) increased by 0.9% in the first quarter of 2013, Statistics SA said on Tuesday.
The increase in GDP was lower than the 2.1% achieved in the fourth quarter of 2012; however, when compared to the first quarter of 2012, the GDP increased by 1.9%.
I-Net Bridge reported that GDP was expected to have come in at 1.9% according to a BDlive median consensus forecast of 11. The forecasts ranged from 1.4% to 2.7%.
Main contributors to the increase in economic activity in the first quarter of 2013 were the mining and quarrying industries, finance, real estate and business services, which each contributed 0.7 of a percentage point.
General government services contributed 0.3 of a percentage while wholesale, retail, motor trade, catering, accommodation industry, transport, storage and communication industries each contributed 0.2 of a percentage point.
Sectors which experienced declines were manufacturing at -1.2% while the agriculture, forestry, fishing, electricity, gas and water industries each contributed -0.1 of a percentage point.
Nominal GDP at market prices in the first quarter of 2013 was R814bn, which was R1bn less than the fourth quarter of 2012.
Finance, real estate and business services expanded by R7bn to R161bn in the first quarter of 2013.
Agriculture, forestry and fishing expanded by R4bn to R14bn, while the construction sector grew by R4bn to R31bn.
Wholesale, retail and motor trade, catering and accommodation decreased by R15bn to R115bn.
The transport, storage and communication sector declined by R5bn to R63bn.
Mining and quarrying decreased by R3bn to R63bn.
