© Portal. South Africa’s GDP up 0.4% in the first quarter
Johannesburg, June 6 (.).- The gross domestic product (GDP) of South Africa, Africa’s most industrialized country, grew 0.4% in the first quarter of the year after contracting 1.1% nationwide in the fourth quarter of 2022 was Statistics Office Stats SA reported today.
Manufacturing and the financial sector are the “main growth drivers on the supply side,” contributing 0.2% to GDP, Stats SA said in a statement.
On the demand side, GDP benefited from a 4.1% increase in exports, with a positive contribution from lower household spending, public administrations and investment.
Imports also rose 4.4%, driven by increased trade in machinery, chemical products, vehicles and transportation equipment, and prepared food and beverages, the national statistics agency said.
“Despite the 0.4% increase in the first quarter of 2023, GDP remains below” the all-time high reached in the third quarter of 2022 when it stood at R1.61 trillion (about US$56.4 billion at current changes), added stats SA.
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