June 5, 2018 / 9:37 AM / 15 days ago

South Africa's Q1 GDP contracts 2.2 percent quarter/quarter

PRETORIA, June 5 (Reuters) - South Africa’s economy shrunk by 2.2 percent in the first quarter of 2018 after expanding by 3.1 percent in the final quarter of last year, Statistics South Africa said on Tuesday, knocking more than half a percent off the rand.

Gross domestic product rose 0.8 percent on an unadjusted year-on-year basis in the first quarter, compared with a 1.5 percent expansion in the previous three months, the agency said.

Economists polled by Reuters had expected a quarter-on-quarter GDP contraction of 0.5 percent, while the economy was seen expanding 1.9 percent year-on-year. (Reporting by Mfuneko Toyana and Patricia Aruo Editing by Joe Brock)

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