South African growth quickens to three percent in 2nd quarter
AFPPRETORIA -- Growth of the South African economy, the biggest in Africa, accelerated sharply to 3 percent in the second quarter, official data showed on Tuesday, despite labor turmoil and a weak rand.
August 28, 2013, 11:47 am TWN
Gross domestic product grew from 0.9 in the first quarter to the fastest rate for a year, data from Statistics South Africa showed.
The 3.0 percent clip was roughly in line with market expectations.
The manufacturing sector grew at 1.7 percent and a pickup in business services also contributed to the rebound in growth.
Negative contributors were the mining industry, due to lower production, and the agriculture, forestry and fishing industry.
But the figures do not necessarily signal a growth in momentum.
Strikes are continuing or looming in key sectors, including manufacturing, construction and mining.