In this issue: GDP growth in Q2, local and global pressures
on the Rand, and the effect of strikes in South Africa.
GDP growth recovers in Q2
After a poor start to the year, with growth in GDP reported at
an annualised rate of 0.9% for the first quarter, it accelerated to
3% in the second quarter of 2013.
The main contributor to the improved growth was the rebound of
the manufacturing industry, which grew by 11.5% q-o-q (2.2% y-o-y)
from -7.9% (-0.7% y-o-y) in 2013Q1. The strong Q2 manufacturing
figures were responsible for more than half the overall GDP growth
in the quarter, contributing 1.7 percentage points to the overall
GDP growth rate. The second largest contributor to GDP growth was
the finance, real estate and business services sector, which
expanded by 3.5% q-o-q and contributed 0.8 percentage points as a
result of increased activities in the banking sector and capital
markets.
