South Africa's GDP returns to pre-pandemic levels, according to StatsSA. Manufacturing was the star performer, driven by rise in the production of petroleum and chemicals, food and beverages, and metals and machinery, There's more...
South African gross domestic product expanded by 1,9% in the first quarter of 2022, representing a second consecutive quarter of upward growth. The size of the economy is now at pre-pandemic levels, with real GDP slightly higher than what it was before the Covid-19 pandemic, according to Stats SA.
On the production side of the economy, eight of the ten industries recorded positive growth in the first quarter, with manufacturing the star performer. The sharp increase in manufacturing output was mainly driven by a rise in the production of petroleum and chemicals, food and beverages, and metals and machinery.
After a strong fourth quarter, agriculture growth was more subdued in the first quarter, edging higher by 0,8%. The rise in the first quarter was mainly underpinned by increased horticulture production. On the downside, both mining and construction contracted in the first quarter. Mining output was lower, mainly due to a pullback in the production of platinum group metals, iron ore and gold. Construction saw its fourth consecutive quarter of contraction, with underwhelming results reported for residential buildings and construction works. Economic activity related to non-residential buildings, however, increased in the first quarter.
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