Africa's GDP Growth Increases In Q4

South African GDP

Africa's GDP Growth Increases In Q4

The South African economy still has some distance to go when it comes to realizing its potential.

The trade sector was the second largest contributor to economic growth in the fourth quarter, mostly a result of a rise in activities related to retail, wholesale and motor trade.

The South African economy grew 3.1 percent in the fourth quarter, making the yearly growth at 1.3 percent, beating Treasury's estimates of 1 percent, said Statistics SA Tuesday.

Minister of Finance Nhlanhla Nene told Fedusa that government would hold talks with stakeholders in a bid to soften the impact of the Value-Added Tax increase on the poor, which comes into effect on April 1.

This signals that the country's economy is poised for a recovery.

But investors' sentiment has improved since Ramaphosa replaced Jacob Zuma, who resigned as head of state following a long series of scandals. Both have added 0.5 of a percentage point to the economic expansion. Government bonds also firmed. "The fourth quarter experienced the highest growth rate of 2017, with the economy expanding by 3.1% quarter-on-quarter - seasonally adjusted and annualised". The sector is recovering from the severe drought in 2016.

Man United to offer De Gea insane new wages
It is also meant to demonstrate to De Gea, 27, his importance to United and to reward him for his superb consistency. But the Daily Star Sunday has been told this is the deal United will place on the table.

Donald Trump cautious on N Korea nuclear disarmament talks
And in the afternoon, Trump, speaking in the Oval Office, said he was encouraged by the apparent diplomatic progress. We are prepared to go whichever path is necessary. "I think we're having very good dialogue".

Ontario Teachers Pension Plan Board Lowers Position in Devon Energy Corp (DVN)
Commonwealth Savings Bank Of Aus owns 91,204 shares for 0.03% of their portfolio. 274,691 were accumulated by Credit Agricole S A. California Pub Employees Retirement System owns 0.06% invested in Devon Energy Corporation (NYSE: DVN ) for 1.14 million shares.

Expenditure on GDP grew by 3.1% in the fourth quarter, with positive contributions to growth coming from consumption, investment and net exports.

The changes were based on better access to data sets, said Statistics SA deputy director-general Joe de Beer.

There will be more insight on the health of the local economy when South Africa's Gross Domestic Product (GDP) figure is released on Tuesday.

Stats SA reported on Tuesday that country's GDP growth exceeded National Treasury's expectation of 1.0% growth announced during the National Budget Speech in February a year ago, and shot far past market expectations which ranged from 0.2% to 0.8%.

Economic growth in South Africa is starting to show some momentum after a sluggish decade following a recession in 2008/9.

Latest News