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GDP Breakdown: July Riots, Lockdowns Weigh Heavily on Economic Activity

SOUTH AFRICA
  • Under the twin pressures of tighter COVID-19 lockdown restrictions and a spate of civil disorder in July, as well as several other headwinds, SA’s economy contracted in 3Q21 (July–September). A cyberattack that disrupted operations at ports also dealt a further blow to motor trade
  • After recording four consecutive quarters of positive growth, real gross domestic product (GDP) slumped by 1,5%1, eroding some of the economic gains the country has made since the severe impact of COVID-19 in 2Q20. In 3Q21 the level of GDP was on par with the first quarter of 2016.
  • Six of the ten industries recorded a decline in production in the third quarter, with agriculture (-13.6%), trade (-5.5%) and manufacturing (-4.4%) the hardest hit.
  • Four industries managed to keep their heads above water. The finance industry increased economic activity by 1,2%. Personal services saw an uptick in economic activity on the back of increased spending on private healthcare and the roll-out of COVID-19 vaccines for those aged between 18 and 35 years.
  • General government expanded by 0,4%, attributed to a rise in employment in local government and extra-budgetary accounts and funds.
  • Link: http://www.statssa.gov.za/?p=15008
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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