Stats SA: GDP increases by 1.6% in third quarter of 2022

Stats SA has announced that South Africa’s gross domestic product (GDP) increased by 1.6% in the third quarter of 2022.

According to the latest report, eight industries recorded a rise in economic activity. These were:

• Agriculture, Forestry and Fishing;
• Transport, Storage and Communication;
• Construction;
• Mining and Quarrying,
• Finance Real Estate and Business Services;
• Manufacturing;
• Trade, Catering and Accommodation;
• General government services.

Only personal services and electricity, gas and water saw a decline, given the country’s current grappling with the energy crisis.

Agriculture

The agriculture, forestry and fishing industries increased by 19.2% in the third quarter, contributing 0.5 of a percentage point to GDP growth.

Increased economic activities were reported for field crops and horticulture products. Climate conditions were said to have contributed to this great increase.

Finance, real estate and business services increased at a rate of 1.9% in the third quarter, contributing 0.5 of a percentage point to GDP growth.

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Increased economic activity was reported for financial intermediation, insurance and pension funding, auxiliary activities, real estate activities and other business services.

The transport, storage and communication industry increased by 3.7%, contributing 0.3 of a percentage point. Increased economic activities were reported for land transport, transport support services and communication services.

Seven of the ten manufacturing divisions report positive growth

The manufacturing industry increased by 1.5% in the third quarter, contributing 0.2 of a percentage point to GDP growth.

Seven of the ten manufacturing divisions reported positive growth rates in the third quarter.

The motor vehicles, parts and accessories and other transport equipment division made the largest contribution to the increase in the third quarter.

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The food and beverages division and the basic iron and steel, non-ferrous metal products, metal products and machinery division also made significant contributions to growth.

The unadjusted real GDP at market prices for the first nine months of 2022 increased by 2.3% compared with the first nine months of 2021.