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GDP GROWTH AT 6.2%

By Nomfanelo Maziya | 2023-10-03

The country’s Gross Domestic Product (GDP) grew by 6.2 per cent in the second quarter of 2023.

The growth shows a decline of - 2.4 per cent when compared to that recorded in the second quarter of 2022.

On a quarter to quarter basis, GDP declined by -0.2 per cent in the second quarter of the year following a revised growth of 2.0 per cent in the first quarter.

According to the Gross Domestic Product Report released by the Central Statistical Office for the second quarter of 2023, on a yearly basis, the GDP showed a growth of 6.2 per cent compared to a decline of -2.4 per cent in the second quarter of 2022.

The report indicates that the primary sector contributed 10 per cent to total Industries in the second quarter of 2023. It also showed the primary sector increased by 6.4 per cent on the year on year basis.

It accentuated that the realised growth was a result of an increase in the growing of crops and animal production.

The report further indicated that growing of crops increased by three per cent while animal production grew by five per cent.

It was also stated that Secondary Sector Contributed 31 per cent to total Industries.
On a yearly basis, the report shows that the secondary sector grew by 8.3per cent in the second quarter of 2023.

It attributes the realised growth in this sector mainly to growth in manufacturing, electricity and construction. The report outlined that manufacturing as a sector grew by  eight  per cent, while electricity faced growth of 23 per cent and construction grew by 10 per cent.

Meanwhile, the tertiary sector contributed 54 per cent of total Industries.
The tertiary sector’s contribution showed an overall increase of 6.6 per cent in quarter two of 2023.

The statistic office attributed the overall increase of the sector to contributions by the wholesale and retail trade, accommodation and food services, information and communication, professional, scientific and technical activities.It was stated that the wholesale and retail trade industry grew by 12 per cent. 

Accommodation and food services on the other hand grew by 44 per cent while Information and communication industry grew by 22 per cent. Finally, the reports highlights that the professional, scientific and technical activities industry grew by of 20 per cent.

“The realised revisions were due to revisions in source data especially the primary and the tertiary sectors which are mostly characterised by use of secondary data,” reads the report in part.

It states that the secondary sector had a minimum change which reflected some consistencies within the data and methodologies which were used during the compilation stage.

“Some of the revisions were also due to the benchmarking of quarterly GDP estimates to the recently published 2022 Annual GDP estimates,” reads another part.

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