SOUTH African gross domestic product (GDP) expanded by 1.9% in the first quarter of 2022, representing a second consecutive quarter of upward growth.
The size of the economy is now at pre-pandemic levels, with real GDP slightly higher than what it was before the Covid-19 pandemic, Statistics South Africa said on Tuesday (7 June).
However, the release covers the first quarter of the year, which means that the economic impact of the devastating floods in KwaZulu-Natal, which occurred during the second quarter in April, will only reflect in the GDP results due for release in September.
The release also largely ignores South Africa’s recent intense round of load shedding – which primarily occurred in March and April.
Manufacturing leads the way
On the production side of the economy, eight of the ten industries recorded positive growth in the first quarter, with manufacturing the key performer. The sharp increase in manufacturing
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