South Africas economic growth speeds up to 3.1% in 2011.

By bne IntelliNews February 29, 2012
South Africas economic growth accelerated last year to 3.1% from 2.9% in 2010, first preliminary annual estimates of gross domestic product (GDP) by Statistics South Africa showed. The main contributors to the increase in economic activity in 2011 were finance, real estate and business services, which contributed by 0.7pps, general government services and the wholesale, retail and motor trade, catering and accommodation industry, each contributing 0.5pps, the manufacturing industry with 0.4pps and the transport, storage and communication industry with 0.3pps, the statistics office said in a statement. In the fourth quarter of 2011, the GDP expanded by 3.2% y/y on a seasonally adjusted basis, speeding up from a revised GDP growth of 1.7% in the previous quarter. The largest contributors to growth were the trade industries: wholesale, retail and motor, catering and accommodation. On an unadjusted year-on-year basis, economic growth was at 2.9% in Q4 compared to a revised 3% in Q3.

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