GDP increased by 0,4% in the first quarter of 2023

STAFF REPORTER

South Africa’s gross domestic product (GDP) increased by 0,4% in the first quarter of 2023, according to StatsSA.

The manufacturing industry increased by 1,5% in the first quarter, contributing 0,2 of a percentage point to GDP growth.

Four of the ten manufacturing divisions reported positive growth rates in the first quarter, with the food and beverages division making the largest contribution to the increase in the first quarter.

Data showed that the petroleum, chemical products, rubber and plastic products division also made a significant contribution to the growth in this industry.

The finance, real estate and business services industry increased by 0,6% in the first quarter, contributing 0,2 of a percentage point to GDP growth.

Increased economic activities were reported for financial intermediation, insurance and pension funding, real estate and business services.

The personal services industry increased by 0,8% in the first quarter, contributing 0,1 of a percentage