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Economy grows 1.2% in Q2

Beats forecasts.
Image: Bloomberg

South Africa’s economy grew 1.2% in the second quarter compared to the previous three months, beating analysts’ forecasts, statistics agency data showed on Tuesday.

Economists polled by Reuters had forecast quarterly gross domestic product (GDP) growth of 0.7% in seasonally adjusted but non-annualised terms.

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In unadjusted year-on-year terms, GDP jumped 19.3% 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 coronavirus.

The agriculture, trade and mining sectors performed well between April and June, whereas 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.

South African 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.

COMMENTS   18

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Befitting background picture.

We all now the story of how the economy was destroyed in 20 years.

Mr. Zuma accounted for 10 years thereof and the other 10 years the people that have been advocating land grabs.

Then came talk of NHS and now the National security fund where you pay for others that unfortunately (I sincerely feel sorry for their hardships) do not work.

You can twist and turn or candy coated it as much as you want, this is what happened.

We need Pres. Ramaphosa in office for five consecutive terms and maybe it can get fixed.

…it’s the tightly spaced living quarters in the foreground that’s the concern.

But these tight living environment can be useful in tests: for example the effectiveness of JP233 or MW-1 munitions can be more accurately assessed.

(I did NOT think before I replied 😉

I couldn’t tell if it grew

That matters.

That is why it is CALCULATED and your view is entirely irrelevant.

Sorry to hear you are struggling though. Thoughts and prayers.

1.2% ..sure, and Duduzane Zuma will be the next president!

Commodity prices saved SA… wait till next quarter…. Platinum is on its way down.

with the 2 million PLUS unemployed??All the sports games with NO FANS?? I know South African’s have a math problem BUT this is ridiculous.

this 1.2% was calculated by those ANC 30% maths pass-rate statisticians .Same ones who discovered our GDP is 11% more.

Growing economy + Growing Unemployment= Faulty Condoms!?:)

Yeah, it couldn’t be that this is the nth jobless recovery since 1990. Public schooling ne.

The economy grew by 1,2% but the population grew by 5% (including illegal immigrants). Hence the employment rate actually shrunk by 3,8%.

The economy is not measured by the number of jobs. It is measured by GDP. It is in the headline even. Public schooling.

Beating forecast at 1,2% growth.

So, we’re “shooting the lights out” Souf Efriken style…

I don’t really care about these numbers

I see a wrecked country thanks to the ANC/EFF destroyers.

The highest unemployment numbers in modern economic history of SA.

The lowest confidence in government to fix anything.

The lowest trust in government competence.

The lowest trust in government ethics and morals.

The most corrupt government in South African history.

The most destroyed state institutions in South African history.

Easy to go on, but I don’t think the ANC are generally literate enough to read this.

This is by no means anything to celebrate.
The SA economy have to grow by 7% p/a to even get close to start reducing the disastrous unemployment figures.
But with fossils like Gwede Mantashe still running the show that will NEVER happen.
I seriously hoped that CR would shelf him in the last reshuffle, but alas, disappointment is a rife under the “new dawn”

End of comments.

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