Real GDP slows in Q3 2017, recording growth of 1.8%.
22 January 2018
Annual real GDP growth fell during Q3 2017 recording year-on-year real growth of 1.8%, down from 3.1% in Q2 2017. The slowing of economic growth is attributable to the decline in both mining and non-mining private sector (NMPS) growth during the period. NMPS growth declined significantly from 6.5% y-o-y in Q2 2017 to 4.5% y-o-y in Q3. Mining has not improved and continues to record negative real growth, with growth of minus 12.3% y-o-y in Q3 2017. This reflects the continued impact of the closure of BCL, whereby production of copper, nickel and cobalt ceased. Although diamond output increased, it has not been sufficient to offset the impact of the BCL closure on mining growth rates.