THE South African Gross Domestic Product (GDP) grew by 1.1% in the first three months of 2021, Statistician General Risenga Maluleke has revealed.
This growth, he said, translated into an annualised growth rate of 4.6%.
“This follows a revised 1.4% (annualised: 5.8%) rise in real gross domestic product (GDP) in the fourth quarter of 2020,” said Statistics South Africa (StatsSA).
The finance, mining and trade industries were the main drivers of output on the production (supply) side of the economy, while household spending and changes in inventories helped spur growth on the expenditure (demand) side.
Maluleke said despite this being the third consecutive quarter of positive growth, the South African economy is 2.7% smaller than it was in the first quarter of 2020.
Eight of the 10 industries recorded positive gains in the first quarter of 2021, with finance, mining and trade making the most significant contributions.
Statistics reveal that
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