Statistics South Africa today announced the growth of the country’s gross domestic product (GDP) for the third quarter.
Stats SA said that the economy grew by 1.6% in the third quarter of 2022.
The agency said the growth was driven by eight industries, that recorded a rise in economic activity in Q3:2022.
“The most significant positive contributors to growth were finance, agriculture, transport and manufacturing.”
Agriculture and mining drove the primary sector up in the third quarter, with manufacturing and construction pushing the secondary sector higher.
#Finance is the largest industry in South Africa, followed by personal services.
— Stats SA (@StatsSA) December 6, 2022
Read more here: https://t.co/LtmM8wfmzd#StatsSA #economy pic.twitter.com/ISgCXjWtXY
Household consumption expenditure decreased by 0,3% in Q3:2022.
— Stats SA (@StatsSA) December 6, 2022
Read more here: https://t.co/LtmM8wfmzd#StatsSA #economy #GDP pic.twitter.com/eU4z9fUOrS
This comes after the economy contracted by 0.7% in the second quarter of 2022.
Stats SA says the economy rallied in the third quarter, driven up by 1.6%.
“The size of the economy now exceeds pre-pandemic levels. Real gross domestic product (GDP), measured by production, was R1 161 billion (constant 2015 prices) in the third quarter, which is above the previous peak of R1 152 billion recorded in the fourth quarter of 2018.”
Economic recovery from Covid-19
The pandemic hindered economic growth for about two years. Real GDP reached pre-pandemic levels in the first quarter of 2022 (Figure 3). The recovery was brief, with GDP contracting by 0.7% in the second quarter, mainly the result of widespread flooding in KwaZulu-Natal.
“Not only does the 1.6% rise in the third quarter boost the economy back above pre-pandemic levels, but quarterly real GDP is now the highest it’s ever been, exceeding the previous peak of R1 152 billion recorded in the fourth quarter of 2018.”
[🧵] The South African #economy grew by 1,6% in Q3:2022. The size of the economy in Q3:2022 was larger than it was before the #COVID19 pandemic.#StatsSA #GDP pic.twitter.com/DH1OFqLpDM
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