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South Africa - Higher GDP growth in Q2
GDP growth in Q2 accelerated to +3% q/q seasonally - adjusted and annualised ( + 0.9% in Q1 ), spurred by a recovery in manufacturing output ( + 11.5%) after a sharp fall in output in that sector in Q1 . Encouragingly, both wholesale and retail trade and financial services also re gistered sound growth ( + 3.2% and + 3.5%, respectively) . The overall picture suggest s that consumer demand is holding up reasonably well, despite market volatility (see above) . However, m ining output c ontracted by - 5.8% in Q2, following a sharp rebound in the previous quarter , and further industrial disputes during the wage - bargaining season are likely to restrict production in H2 . Overall, EH expects GDP growth of around +2.5% in 2013, with acceleratio n to +3.5% in 2014, subject to an expected global economic recovery and accompanying growth in demand for commodit y - based imports

Source:EULER Export Risk Outlook

Aug 2013


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