Cyril Ramaphosa
South Africa’s Gross Domestic Product (GDP) has seen an increase of 1.2 percent in the second quarter compared to the previous three months, beating analysts’ forecasts.
The data released, Tuesday by SA’s statistics agency showed a year-on-year GDP jump of 19.3 percent in the second quarter, reflecting a low base last year when the government shuttered much of the economy during a harsh lockdown to contain the spread of the covid-19 pandemic.
Economists had earlier forecast quarterly gross domestic product (GDP) growth of 0.7% in seasonally adjusted but non-annualised terms.
The data also showed that agriculture, trade and mining sectors performed well between April and June, however, manufacturing and construction fared badly.
Statistics South Africa revised first-quarter GDP growth to 1.0% quarter on quarter from a reading of 1.1% previously.
Africa’s most industrialised economy has seen an uneven recovery from the pandemic, with some sectors like mining boosted by bumper commodities prices but others struggling under successive Covid-19 infection waves and lockdown restrictions.
President Cyril Ramaphosa put public works and job creation at the heart of a recovery plan launched last year. But unemployment struck a new record high above 34% in the second quarter, data showed last month.
Omotayo Araoye
Follow us on:
Barcelona faces severe flooding as search and rescue efforts continue.
https://www.youtube.com/watch?v=G8c8PG-x1gg The music producer and composer, Quincy Jones, who worked with Music Legends, including, the…
Prince William visits South Africa for Earthshot Prize, aiming to spotlight climate innovation and support…
Chad's President is considering exiting MNJTF, a regional security force, citing lack of cooperation against…
A Federal High Court in Abuja has ordered the arrest of Dana Air MD Hathiramani…
A High-ranking Equatorial Guinean official is facing a major sex scandal with 400 explicit sex…