SA economy narrowly avoids recession

South Africa’s economy grew by 0.6% in the second quarter of 2014, Statistics SA said on Tuesday.

This was compared to a 0.6% decrease in the real Gross Domestic Product (GDP) in the first quarter of the year.

The GDP is the total value of goods and services produced in an economy in a certain time period.

The main contributors to the increase in the second quarter of 2014 were general government services and the transport, storage, and communications industry, each contributing 0.4 of a percentage point, and finance, real estate, and business services with 0.3 of a percentage point.

Sectors which experienced declines included the mining and quarrying industry, with a 0.4 percentage point decrease and the manufacturing industry, with a 0.3 of a percentage point decrease.

Nominal GDP at market prices in the second quarter of 2014 was R891 billion, which was R17 billion more than the first quarter of 2014.

The unadjusted real GDP at market prices increased by one percent year-on-year.

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SA economy narrowly avoids recession