SA Economy records 1.2% GDP Growth.
The South African economy recorded its fourth conservative growth, expanding by 1.2%, in the second
quarter of GDP (between April and June 2021). State-SA has revealed their GDP figures on Tuesday morning.
Exports increased by 4,0% & imports increased marginally by 0,4% in Q2:2021. Join Chief Director: National Accounts Michael Manamela on @Powerfm987 at 18h20 today as he unpacks the recently-released #GDP figures.
Read more here: https://t.co/iDDm3vcTO1#economy pic.twitter.com/Y07gz6JTTq
— Stats SA (@StatsSA) September 7, 2021
Head of Stats SA, SG Maluleka, said the economic impact of the recent KwaZulu-Natal and Gauteng shop lootings would start to bear out in the next quarter of GDP.
“The results from this Stats-SA release cover the months of April, May, and June 2021. This means that the economic impact of the wave of severe economic disruption, protest action, and violence in KwaZulu-Natal and Gauteng, which took place in July, will reflect in the third quarter GDP results that are due for release in December,” explained Maluleka.
Here is what you need to know about diverse industries in GDP Q2;
Transport and Communication:
The transport, storage, and communication industry increased by 6,9% in the second quarter and made the largest contribution to GDP growth, namely 0,5 percentage points. Increased economic activity was reported for land transport and communication services.
Catering and Accommodation:
The trade, catering, and accommodation industry increased by 2,2% and contributed 0,3 of a percentage point to GDP growth. Increased economic activity was reported in wholesale, retail, and motor trade, and there was increased spending on catering and accommodation services.
Agriculture, Forestry, and Fishery:
The agriculture, forestry, and fishing industries increased by 6,2% and contributed 0,2 of a percentage point to GDP growth. The increase was mainly due to the increased production of field crops, horticulture, and animal products.
The mining and quarrying industry increased by 1,9% and contributed 0,1 of a percentage point to GDP growth. Increased production was reported for platinum group metals (PGMs), gold, and coal.
Unadjusted real GDP for the first six months of 2021 increased by 7,5% compared with the first six months of 2020.
Expenditure on GDP:
Expenditure on real gross domestic product increased by 1,2% in the second quarter of 2021. Household final consumption expenditure increased by 0,5% in the second quarter, contributing 0,3 of a percentage point to total growth. The highest growth rates and largest contributors were seen in durable and non-durable goods.