After a decline in GDP growth in the third quarter of 2021, South Africa revived the following quarter by reaching a growth rate of 1.2%. For the first quarter of this year, this positive growth tends to stabilize.
South Africa’s gross domestic product (GDP) recorded a growth of 1.9% in the first quarter of 2022. The information comes from the country’s statistician general, Risenga Maluleke, we learned in a press release from press published by the government on June 7.
This growth is mainly driven by the manufacturing industry which recorded an increase of 4.9% and trade, catering and accommodation which recorded a growth of 3.1%. Transport, warehousing and communications are the third growth engine of the quarter with 1.8% growth. Followed by finance, real estate and business services which experienced 1.7% growth and personal services with 1.1% GDP growth.
The head of Statistics South Africa (Stats SA), the country’s statistical agency, however, explains that expenditure linked to GDP also increased by 1.9% between January and March. The sectors that were mainly factors of this expenditure are transport (2.8%), food (2.5%), catering (6.5%) and communication (2.4%).
After negative growth in the third quarter of 2021 (-1.5%), South Africa recorded a positive fourth quarter (1.2%). This new increase in GDP therefore reinforces the country’s economic progress. The World Bank predicts that the economy will grow by more than 2% this year.