South Africa's Economic Growth Slows In Q1

South Africa's economic growth slowed in the first quarter, data from Statistics South Africa showed on Tuesday.

Gross domestic product grew by annualized 4.6 percent quarter-on-quarter, slower than the 5.8 percent expansion seen in the fourth quarter of 2020.

However, on a yearly basis, the economy contracted for the fourth straight quarter. GDP slid 3.2 percent, but slower than the 4.2 percent decline in the preceding quarter.

On the production-side, the agriculture, forestry and fishing industry decreased at a rate of 3.2 percent sequentially. Meanwhile, the mining and quarrying industry grew 18.1 percent.

The manufacturing industry grew 1.6 percent, while the electricity, gas and water industry contracted 2.6 percent. The construction industry expanded 0.8 percent.

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