South African GDP Grows 0.8% In Q2

(RTTNews) - The South African economy expanded at an accelerated pace in the second quarter, data from Statistics South Africa showed on Tuesday.

In real terms, gross domestic product rose 0.8 percent sequentially after a 0.1 percent increase in the March quarter. The expected expansion was 0.5 percent.

Further, a similar rate of growth was last seen in the second quarter of 2023.

Eight industries recorded positive growth compared to the previous quarter. The manufacturing industry increased the most, by 1.8 percent, closely followed by the trade industry with 1.7 percent growth.

On the expenditure side, household final consumption rose 0.8 percent, and government consumption was 0.7 percent higher in comparison with the previous quarter. Meanwhile, investments declined 1.4 percent, and net foreign demand negatively contributed by 0.3 percent.

On a yearly basis, GDP growth eased to 0.6 percent in the second quarter from 0.8 percent in the previous quarter.