Economy: SA’s GDP expands by 1.9% in first quarter of 2022
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Economy: SA’s GDP expands by 1.9% in first quarter of 2022

In the first quarter of 2022, South Africa’s gross domestic product (GDP) expanded by 1.9 percent.

In a press conference on Tuesday, Statistician General Risenga Maluleke said the manufacturing industry grew by 4.9 percent in the first three months of the year, contributing 0.6 percentage points to GDP growth.

“In the first quarter, seven of the ten manufacturing divisions showed positive growth rates. The petroleum, chemical, rubber, and plastic products business contributed the most to the growth in the first quarter.”

Food and drinks, basic iron and steel, nonferrous metal products, metal goods and machinery, and motor vehicles, parts and accessories, and other transport equipment divisions all contributed significantly to development, according to Statistics South Africa (Stats SA).

“The trade, catering and accommodation industry increased by 3.1%, contributing 0.4 of a percentage point to GDP growth. Increased economic activities were reported for wholesale trade, retail trade, motor trade, and catering and accommodation services.

“The finance, real estate and business services industry increased by 1.7%, contributing 0.4 of a percentage point to GDP growth. Increased economic activities were reported for insurance and pension funding, auxiliary activities, real estate and business services.”

According to Stats SA, the personal services industry grew by 1.1 percent and contributed 0.2 of a percentage point to GDP growth during this time.

According to Stats SA, community and other producers have reported increasing economic activity.

“The transport, storage and communication industry increased by 1.8%, contributing 0.1 of a percentage point. Increased economic activities were reported for land transport and communication services,” said Maluleke.

In the first quarter of 2022, spending on real gross domestic product increased by 1.9 percent.

Transportation (2.8 percent, contributing 0.4 of a percentage point), food (2.5 percent, contributing 0.4 of a percentage point), restaurants (6.5 percent, contributing 0.2 of a percentage point), and communication (6.5 percent, contributing 0.2 of a percentage point) were the main contributors to growth in household final consumption expenditure (HFCE) (2.4 percent and contributing 0.1 of a percentage point).

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