South Africa's economic growth eased more than expected in the first quarter of 2013, the latest figures from Statistics South Africa revealed Tuesday.
The gross domestic product grew at a seasonally adjusted annualized rate of 0.9 percent quarter-on-quarter in the first quarter after a 2.1 percent expansion in the fourth quarter of 2012. This was also weaker than the expected 1.6 percent growth.
Manufacturing activity contracted 7.9 percent on quarter following a 5 percent growth in the previous quarter. However, mining and quarrying rebound with a solid 14.6 percent growth due to higher production in gold mining and other metal ores.
Growth improved slightly in wholesale, retail and motor trade as well as in finance, real estate and business services.
Year-on-year, the unadjusted real GDP rose 1.9 percent in the first quarter, slower than 2.5 percent expansion in the fourth quarter. This was weaker than a 2.2 percent gain expected.
Last week, the South African Reserve Bank kept the repurchase rate unchanged at 5 per cent per annum and said the scope for further monetary easing is limited at this stage.
The Monetary Policy Committee led by Governor Gill Marcus said the risks to inflation remained on the upside, while risk to growth are on the downside.
The United Nations, in a report published on Monday, called on Africa to tap into its agricultural, mining and energy resources to boost its economic growth.
The report said the continent's economic prospects for 2013 and 2014 are promising, with the economy projected to grow 4.8 percent the first year and accelerate further to 5.3 percent the next.
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