{"id":519054,"date":"2021-09-07T12:35:51","date_gmt":"2021-09-07T10:35:51","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=519054"},"modified":"2021-09-07T12:47:53","modified_gmt":"2021-09-07T10:47:53","slug":"south-african-economy-records-fourth-consecutive-quarter-of-growth","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/519054\/south-african-economy-records-fourth-consecutive-quarter-of-growth\/","title":{"rendered":"South African economy records fourth consecutive quarter of growth"},"content":{"rendered":"<p>The South African economy recorded its fourth consecutive quarter of growth, expanding by 1.2% in the second quarter of 2021. This followed a revised 1.0% rise in the first quarter of the year.<\/p>\n<p>The transport, storage and communication industry increased by 6.9% in the second quarter and made the largest contribution to Gross Domestic Product (GDP) growth, namely 0.5 percentage points, data from StatSA showed.<\/p>\n<p>Increased economic activity was reported for land transport and communication services.<\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP-1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter  wp-image-519094\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP-1.png\" alt=\"\" width=\"463\" height=\"352\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP-1.png 684w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP-1-300x228.png 300w\" sizes=\"auto, (max-width: 463px) 100vw, 463px\" \/><\/a><\/p>\n<p>The personal services industry increased by 2.5% and contributed 0.4 of a percentage point to GDP growth. Increases were reported for community services and other producers, the stats body said.<\/p>\n<p>The trade, catering and accommodation industry increased by 2.2% and contributed 0.3 of a percentage point to GDP growth. Increased economic activity was reported in wholesale, retail and motor trade, and there was increased spending on catering and accommodation services.<\/p>\n<p>The agriculture, forestry and fishing industry increased by 6.2% and contributed 0.2 of a percentage point to GDP growth. The increase was mainly due to increased production of field crops, horticulture and animal products, Stats SA said.<\/p>\n<p>The mining and quarrying industry increased by 1.9% and contributed 0.1 of a percentage point to GDP growth. Increased production was reported for platinum group metals (PGMs), gold and coal.<\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-519058\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP.png\" alt=\"\" width=\"768\" height=\"423\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP.png 988w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP-300x165.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/GDP-768x423.png 768w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><\/a><\/p>\n<p>Unadjusted real GDP for the first six months of 2021 increased by 7.5% compared with the first six months of 2020. StatsSA said that b<span id=\"page94R_mcid24\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">y Q2: 2021, economic activity had returned to a level last seen in Q4: 2017.<\/span><\/span><\/p>\n<p><strong><span id=\"page103R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Transport and agriculture recorded the highest growth rates in Q2: 2021<\/span><\/span><\/strong><\/p>\n<p>Expenditure on real gross domestic product increased by 1.2% in the second quarter of 2021. The stats body said that household final consumption expenditure increased by 0.5% in the second quarter, contributing 0.3 of a percentage point to total growth. The highest growth rates and largest contributors were seen in durable and non-durable goods.<\/p>\n<p>The main positive contributors to growth in HFCE were expenditures on transport (2.7% and contributing 0.4 of a percentage point); health (2.5% and contributing 0.2 of a percentage point); food and non-alcoholic beverages (1.7% and contributing 0.2 of a percentage point); restaurants (2.4% and contributing 0.1 of a percentage point); communication (1.6% and contributing 0.1 of a percentage point); and clothing and footwear (1.1% and contributing 0.1 of a percentage point).<\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/StatsSA-e1631008353266.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-519060\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/StatsSA-e1631008353266.png\" alt=\"\" width=\"848\" height=\"503\" \/><\/a><\/p>\n<p>A negative contribution to growth in HFCE was reported for expenditures in the \u2018other\u2019 category, decreasing by 3.8% and contributing -0.5 of a percentage point, mainly because of lower spending on insurance services in the second quarter, StatsSA said.<\/p>\n<p>Imports of goods and services increased by 0.4%, driven largely by increases in mineral products; base metals and articles of base metals; and animal and vegetable fats and oils.<\/p>\n<p><span id=\"page121R_mcid23\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Nominal GDP meanwhile, was estimated at R1.53 trillion in Q2: 2021. <\/span><\/span><span id=\"page121R_mcid24\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">This was up by R76 billion compared with Q1: 2021, StatsSA said.<br \/>\n<\/span><\/span><\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/StatsSA1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-519062\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/StatsSA1.png\" alt=\"\" width=\"839\" height=\"333\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/StatsSA1.png 839w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/StatsSA1-300x119.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2021\/09\/StatsSA1-768x305.png 768w\" sizes=\"auto, (max-width: 839px) 100vw, 839px\" \/><\/a><span id=\"page123R_mcid32\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Finance (23%) is the largest industry in South Africa, followed by personal services (17%), the data shows. Trade (14%), manufacturing (13%) and mining (9%) follow. Government accounts for 8%, transport for 7%, and electricity, gas and water 3%.<\/span><\/span><\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/trending\/515862\/revised-gdp-data-for-south-africa-adds-r550-billion-to-estimates\/\" target=\"_blank\" rel=\"noopener\">Revised GDP data for South Africa adds R550 billion to estimates<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The South African economy recorded its fourth consecutive quarter of growth, expanding by 1.2% in the second quarter of 2021. This followed a revised 1.0% rise in the first quarter.<\/p>\n","protected":false},"author":10,"featured_media":498973,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-519054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/519054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=519054"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/519054\/revisions"}],"predecessor-version":[{"id":519096,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/519054\/revisions\/519096"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/498973"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=519054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=519054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=519054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}