SA economy grows by 0.4%
South Africa’s economy expanded by 0.4% between April and June.
On Tuesday. Statistics South Africa released the Gross Domestic Product for the second quarter of the year.
Chief Director for National Accounts Bokang Vumbukani-Lepolesa says seven of the ten production industries recorded positive growth.
“The finance, manufacturing, trade, and electricity, gas and water supply industries drove most of the economy’s momentum on the production side.
“On the expenditure side, household consumption, government consumption and a build-up in inventories contributed favourably to growth.”
Vumbukani-Lepolesa says the lack of load shedding also helped.
“The country experienced no load shedding in the second quarter, which helped the electricity, gas and water supply industry. It grew by 3,1%, driven by increased electricity generation and water distribution.
“If we ignore the topsy-turvy economic environment caused by the pandemic in 2020, the 3,1% growth rate represents the sharpest increase since the third quarter of 2008, which was also 3,1%."
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