According to the 2nd Quarter report published by Stats SA, South Africa is officially out of a technical Recession and growth in the economy is up 2.5%
Reading the Stats SA GDP 2nd Quarter report seemed like a daunting task but we took on the challenge and here is a breakdown in layman’s terms.
The second quarter of the year was a successful one. This was mostly due to the agriculture, forestry and fishing industries. Agriculture increased production of field crops and horticultural products which contributed to the rise. Mining also did really well because of increases in the production of coal, gold and ‘other’ metal ores (manganese ore and iron ore).
Manufacturing in SA grew thanks to a rise in food and beverages, as well as motor vehicle production. Even electricity boomed! It was up by 8.8% because there was more being produced and distributed.
We know it may seem a little irrelevant in day to day life but these are really great little bits of news, hearing that the backbone of our country is doing well and growing is the best news!
Also apparently the people of the world love our stuff! Exports were up by 14.4%.
Net exports contributed positively to growth in expenditure on GDP. Exports of goods contributed positively to the growth in total exports, while exports of services contributed negatively. Exports of transport equipment, base metals and precious metals were largely responsible for the increase in goods.
Let’s hope that this growth maintains in the third quarter. As a country we are awesome and deserve a break!
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