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South Africa Economy Grows In Q4

South Africa's economy expanded in the final three months of 2021, after contracting in the previous quarter, preliminary data from Statistics South Africa showed Tuesday.

Gross domestic product grew 1.2 percent quarter-on-quarter after a 1.7 percent slump in the previous three months.

Household consumption expenditure increased 2.8 percent and state spending edged up 0.1 percent. Gross fixed capital formation rose 1.9 percent, while changes in inventories deducted 0.7 percent from total growth. Exports grew 8.5 percent and imports increased 8.9 percent.

The real GDP increased 4.9 percent in 2021 versus a 6.4 percent fall in the previous year. Growth was primarily led by higher economic activity in finance, which contributed 0.9 of a percentage point based on growth of 3.7 percent.

On a year-on-year basis, GDP rose 1.7 percent in the fourth quarter after a 2.9 percent growth in the previous three months.

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