GDP increased by 1,6% in the third quarter of 2022
Pretoria - Statistics South Africa (Stats SA) has announed that South Africa’s gross domestic product (GDP) increased by 1,6% in the third quarter of 2022, with agriculture, forestry and fishing industry increasing by 19,2% in the third quarter, contributing 0,5 of a percentage point to GDP growth. Increased economic activities were reported for field crops and horticulture products.
Stats SA said finance, real estate and business services increased at a rate of 1,9% in the third quarter, contributing 0,5 of a percentage point to GDP growth. Increased economic activity was reported for financial intermediation, insurance and pension funding, auxiliary activities, real estate activities and other business services.
The transport, storage and communication industry increased by 3,7%, contributing 0,3 of a percentage point, while increased economic activities were also reported for land transport, transport support services and communication services.
The manufacturing industry increased by 1,5% in the third quarter, contributing 0,2 of a percentage point to GDP growth. Seven of the ten manufacturing divisions reported positive growth rates in the third quarter with motor vehicles, parts and accessories and other transport equipment division making the largest contribution to the increase in the third quarter.
The food and beverages division and the basic iron and steel, non-ferrous metal products, metal products and machinery division also made significant contributions to growth.
The unadjusted real GDP at market prices for the first nine months of 2022 increased by 2,3% compared with the first nine months of 2021.
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