This is due to the development of eight industries
Data released by Statistics South Africa shows that the country’s gross domestic product grew by 1.6% in the third quarter (July-September 2022), after declining by 0.7% in the second quarter.
The government praised the growth in economic activity, which was driven by the development of eight industries.
Seven out of ten manufacturing industries reported positive growth in the third quarter. Production volumes in the sectors of transport, storage and communications increased by 3.7%. The largest contributor to GDP growth in the third quarter was the motor vehicles division. The food industry, as well as the production of the main types of iron and steel, non-ferrous metals, and metal products also contributed to the improvement in performance.
In addition, an increase in economic activity was noted in the field of field crops and horticultural products. 1.9% growth was recorded in the financial sector of South Africa, as well as the business services sector.
Exports of goods and services increased by 4.2%, mainly due to the growth in trade in mineral products, non-ferrous metals and products from them, vegetables and paper products. Imports of goods and services grew by 0.6%, primarily due to an increase in imports of animal and vegetable fats and oils.
Growth exceeded market expectations, which assumed 0.4% -0.7%. Stats SA data shows that South Africa’s economy was stronger in the third quarter than before the COVID-19 pandemic, which is positive and welcome news. The implementation of the Program for Economic Reconstruction and Restoration of the Country continues at full speed. This was reported on the official website of the South African government.