GDP Grows by 13.5% in Q3
Written by Mfundo on 8 December, 2020
By: Mfundo Mabaso
Stats SA says South Africa’s Gross Domestic Product has grown by an estimated 13.5% in the third quarter giving an annualised growth rate of 66,1%.
This follows the significant slump of 16,6% (annualised: -51,7%) in the second quarter during the most restrictive months of the lockdown (April, May and June).
According to the latest GDP statistics, the manufacturing, trade and mining sectors are the biggest contributors to growth in this year’s third quarter.
All industries recorded an increase in economic activity compared to the second quarter.
The biggest contributors to household spending in Q3 were transport, alcoholic beverages, tobacco, food, non-alcoholic beverages, as well as clothing and footwear.
Statistician General Risenga Maluleke says despite all industries recording positive results in the third quarter, agriculture and government are the only two that have so far weathered the effects of the pandemic.