The Gross Domestic Product (GDP) data that Statistics South Africa has released shows that mining, manufacturing finance and real estate had positive growth in the three months to the end of June 2019. However, agriculture forestry and fishery continued to shrink.
#Finance, real estate and business services – the largest industry in the South African #economy – grew by 4,1% driven by the banking & insurance sectors #GDP Listen here for more: https://t.co/cIuR5xjuOf#StatsSA pic.twitter.com/xxIWfCf0Tm
— Stats SA (@StatsSA) September 3, 2019
South Africa has avoided a recession as GDP recorded 3.1% during the period. In the first quarter, GDP numbers recorded a negative 3.2%.
The South African #economy grew by 3,1% in Q2:2019 mainly driving by the #mining industry that recorded its strongest growth since Q2:2016 #GDP Listen here for more: https://t.co/cIuR5xjuOf#StatsSA pic.twitter.com/EYm7R8O9A7
— Stats SA (@StatsSA) September 3, 2019
Economists had expected GDP numbers to improve slightly in the second quarter.
Stats SA data showed that some industries had fared slightly better than then they did in the first quarter of 2019. Economists had predicted slightly better GDP numbers compared to quarter one where the country had experienced its worst load shedding since the 2008 electricity crisis, including a marked slow-down in global economic activity.
The mining and quarrying industry increased by almost 15%, contributing 1.0% points to GDP growth.
Nominal #GDP in the second quarter of 2019 was estimated at R1,26 trillion, higher than the R1,20 trillion recorded in the first quarter of 2019. Listen here for more: https://t.co/cIuR5xjuOf#StatsSA pic.twitter.com/QZovUEuQGc
— Stats SA (@StatsSA) September 3, 2019
