SA economy records 1.4% growth

2011-11-29 13:19

The economy slightly expanded to a growth rate of 1.4% in the third quarter of 2011, Statistics SA said today.

This was up from 1.3% in the previous quarter, said Gerhardt Bouwer, executive manager national accounts at Stats SA in Pretoria.

The largest contributors to growth were finance, property and business services, which contributed 0.9 of a percentage point.

The wholesale, retail and motor trade; general government services; and the transport, storage and communication industry all contributed to growth.

The mining industry performed badly in the quarter showing negative growth of 17.4% due to low production in all mining divisions.

“The biggest factor was the strikes,” Bouwer said.

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