South African GDP misses expectations despite gains

FXStreet (London) - South African seasonally adjusted real GDP at market prices for the third quarter of 2014 increased by an annualised rate of 1,4 per cent compared with an increase of 0,5 per cent (revised from 0,6 per cent) during the second quarter of 2014 according to Statistics South Africa.

The 1.4 percent annualised gain was short of consensus expectations of 1.5 percent growth.

The statistical agency reported that the main contributors to the increase in economic activity for the third quarter of 2014 were finance, real estate and business services and the wholesale, retail and motor trade; catering and accommodation industry (each contributing 0,5 of a percentage point), general government services (0,3 of a percentage point) and the agriculture, forestry and fishing industry and the transport, storage and communication industry (each contributing 0,2 of a percentage point). The agency reported a negative contribution by the manufacturing industry (-0,4 of a percentage point).