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S. Africa's GDP Growth Increases In Q4

South Africa's economy grew the most in six quarters at the end of 2017 on household spending and investment, Statistics South Africa reported Tuesday.

Gross domestic product expanded 3.1 percent quarter-on-quarter after rising 2.3 percent in the third quarter. This was the biggest growth since the second quarter of 2016, when GDP advanced 3.6 percent.

The expenditure-side breakdown of GDP showed that household spending advanced 3.6 percent, contributing 2.2 percentage points to growth. Government spending gained only 1.6 percent.

Gross fixed capital formation rose 7.4 percent, contributing 1.4 percentage points. At the same time, changes in inventories contributed 2.9 percentage points to total growth.

Exports rose 12.3 percent and imports surged 26.5 percent. Net exports contributed -3.7 percentage points to total growth.

In 2017, overall economic growth more than doubled to 1.3 percent from 0.6 percent in 2016.

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