CAPE TOWN: South Africa’s real GDP growth rate accelerated at a 3.1% quarter-on-quarter SAAR during the fourth quarter of 2017, higher than the market consensus of 1.8% SAAR. This contributed to headline GDP growth of 1.3% in 2017 from 0.6% in 2016. Revised GDP numbers for the previous three quarters of 2017 produced by the South Africa Statistical Service, StatsSA, now also show that South Africa avoided a recession during 2017.Primary sector GDP increased by 4.9% SAAR during 2017 Q4: a double digit rebound in agricultural production mitigated a downturn in output in the mining sector during the fourth quarter. Secondary sector economic activity rose by 3.1% SAAR: both the manufacturing and water and electricity sub-sectors recorded strong growth while the growth rate in the construction sector weakened reflecting dismal residential and non-residential building activity. Tertiary sector GDP growth averaged 2.7% SAAR in 2017 Q4: sectors showing the largest contribution to the tertiary sector’s growth performance included wholesale and retail trade sales and the financial sector.
Toyota SA to invest over R4 billion in car assembly and parts
Toyota SA Motors (TSAM) has announced a R4.28bn investment in local vehicle assembly and parts supply. Speaking at the company’s...