JOHANNESBURG - The country's economy has shown a marginal growth, increasing by 0.5% in the first quarter of 206.
Finance, agriculture, trade and transport were the main contributors on the production side of the economy.
The expenditure side was supported by a decline in imports and a rise in household consumption, government consumption and exports.
The finance industry was the main positive contributor on the production side of the economy, expanding by 0,9 percent and adding 0,2 of a percentage point to GDP growth.
Agriculture, trade, and transport and communication also made notable contributions. But manufacturing misfired in the first quarter, weakening by 0,8 percent. This is the industry’s second consecutive decline, dragged lower mainly by the petroleum and chemicals; iron and steel; and wood, paper and publishing divisions.
Sifiso Mkhwanazi, Economist at Alexforbes said the growth print was above expectation.
"Analysts were expecting a growth of 0.4 percent," Mkhwanazi said.
"This is actually a stronger print than most had anticipated. What it actually means is that the economy has now recorded positive growth prints for the past six quarters, which is encouraging and shows that the growth recovery momentum is underway."
While the economy may be growing, Mkhwanazi cautioned that this level of growth was not strong enough to drive meaningful job creation.