SA’s GDP increased by 1,5% in fourth Quarter of 2020

The South African economy grew by 1,5% in the fourth Quarter of 2020, giving an annualised growth rate of 6,3%.

Statistics SA released the findings today.

The manufacturing industry increased at a rate of 21,1% in the fourth quarter, contributing 2,4 percentage points to GDP growth. Nine of the 10 manufacturing divisions reported positive growth rates in the fourth quarter.

The four divisions with the largest contributions to the increase were food and beverages; motor vehicles, parts, and accessories and other transport equipment; basic iron and steel, non-ferrous metal products, metal products, and machinery; and wood and wood products, paper, publishing and printing.

The trade, catering and accommodation industry increased at a rate of 9,8%, contributing 1,3 percentage points to GDP growth. Increased economic activity was reported for retail trade, motor trade, catering and accommodation.

The transport, storage and communication industry increased at a rate of 6,7%, contributing 0,5 of a percentage point to GDP growth. Increased economic activity was reported for land and air transport and communication services.

The construction industry increased at a rate of 11,2% in the fourth quarter. Increased production was reported for residential buildings, non-residential buildings and construction work.

The personal services industry increased at a rate of 4,8% in the fourth quarter; increased economic activities were reported for the community and other producers.

The agriculture, forestry, and fishing industry increased at a rate of 5,9% in the fourth quarter. The increase was mainly due to the increased production of animal products.