GDP improves by 1.9% in Q1 of 2022

GDP improves by 1.9% in Q1 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 point to GDP growth.

“Seven of the 10 manufacturing divisions reported positive growth rates in the first quarter. The petroleum, chemical products, rubber and plastic products division made the largest contribution to the increase 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 transportation, storage, and communication industry grew by 1.8 percent, contributing 0.1 percentage point to the overall rise. Land transport and communication services have seen increased economic activity,” Maluleke stated.

In the first quarter of 2022, spending on real gross domestic product climbed 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 (2.4 percent, contributing 0.4 of a percentage point) were the main contributors to growth in household final consumption expenditure (HFCE).