South Africa GDP up 3.2% for Q2 – Stats SA

South Africa’s real gross domestic product (GDP) at market prices on a quarter on quarter (q/q) seasonally adjusted annualised (saa) basis rose by 3.2% in the second quarter of 2012 from an unrevised 2.7% in the first quarter‚ Statistics SA data showed on Tuesday.

GDP growth was expected to rise to 3.3%‚ according to a poll of leading economists by I-Net Bridge. The range of forecasts was from 1.6 % q/q to 4.3%.

The main contributors to the increase in economic activity for the second quarter of 2012 were the mining and quarrying industry‚ which accounted for 1.5 percentage points of the increase; finance‚ real estate and business services‚ which added 0.5 of a percentage point; and the wholesale‚ retail and motor trade‚ catering and accommodation industry‚ which contributed 0.4 of a percentage point.

Negative contributions by other industries included manufacturing‚ which subtracted 0.2 of a percentage point and the electricity‚ gas and water industry which subtracted 0.1 of a percentage point.

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South Africa GDP up 3.2% for Q2 – Stats SA