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S. African economy expands 3.3 pct in second quarter

Xinhua, September 6, 2016 Adjust font size:

South Africa's gross domestic product (GDP) expanded 3.3 percent quarter on quarter in the second quarter of 2016, data released on Tuesday showed.

The figured marked the fastest quarter-on-quarter rise in economic activity since the fourth quarter of 2014, the Statistics South Africa (Stats SA) said in a report on its website. It added that second-quarter year-on-year growth was 0.6 percent.

The main contributors to the second-quarter GDP growth rate were the manufacturing industry and the mining and quarrying industry, Stats SA said.

The manufacturing industry increased by 8.1 percent, largely as a result of higher production in petroleum, chemical products, rubber and plastic products; and motor vehicles, parts and accessories and other transport equipment, while mining and quarrying grew by 11.8 percent, largely as a result of higher production of platinum group metals, said Stats SA.

Meanwhile, exports of goods and services increased by 18.1 percent quarter on quarter, mainly because of higher exports of precious metals and vehicle and transport equipment.

Only two industries contracted in the second quarter, namely agriculture, forestry and fishing (-0. 8 percent); and electricity, gas and water (-1.8 percent). The agriculture, forestry and fishing industry has been in decline for six consecutive quarters. Endit