South Africa’s
economic growth came in higher than expected in the fourth quarter,
boosted by stronger growth in the mining and agricultural sectors,
according to data released on Tuesday. Statistics South Africa said the
economy grew by 4.4 per cent in the fourth quarter on a seasonally
adjusted and annualised basis, compared with an upwardly revised 2.7
per cent expansion in Q3. The market was expecting a 4.2 per cent rise.
The rand currency firmed after the data, as the market grew more
certain that the central bank’s rate cutting cycle was over. On an
unadjusted year-on-year basis, the economy expanded by 3.8 per cent
from a revised 2.7 per cent in the third quarter, also above a
consensus of 3.5 per cent. The statistics agency said South Africa’s
GDP increased by 2.8 per cent in 2010, after a 1.7 per cent contraction
in 2009.
