Economists predicted that the GDP for the second quarter would be between 0.3% and 0.6% as the economy muddles along.
GDP exceeded economists’ predictions for economic growth and activity in the second quarter, after the marginal growth of 0.1% in the first quarter of the year. Mining, manufacturing, trade and consumer consumption were the sectors getting the GDP ball over the line.
Statistics SA announced the gross domestic product (GDP) data on Tuesday morning with the surprising news that the country’s GDP increased by 0.8% in the second quarter. Manufacturing, mining and trade led growth on the production supply side of the economy, while the expenditure or demand side was also positive, lifted mainly by stronger household consumption and softer imports.
In the second quarter, eight of the ten industries recorded gains, with only two, construction and transport and communication, declining.
This graph shows how the various sectors performed:
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