Statistician General Risenga Maluleke said the GDP slump eroded some of the economic gains the country has made since the severe impact of Covid-19 in the second quarter of 2020.
Maluleke also said the trade industry shrank by 5.5%, with all trade sectors reporting losses. He added that wholesale, retail and motor trade were negatively affected by the widespread looting and destruction that gripped KwaZulu-Natal as well as Gauteng.According to the GDP release report, trade, catering and accommodation industry decreased by 5.5%, contributing -0.7 of a percentage point to GDP growth.
The contraction on third quarter GDP numbers was the general sentiment among analysts, however, today’s GDP figures were worse than expectations. Absa’s Maluleke also said the riots and unrest in July and the third wave of the pandemic almost certainly caused the economy to contract in the third quarter. Maluleke added that beyond quarter three, the pace of recovery is likely to be fairly muted.
“The level 4 lockdown restrictions during the third wave of the Delta variant also severely affected economic activity in the contact-intensive sectors such as tourism-related industries,” said Matikinca-Ngwenya. Michael Manamela, Stats SA’s national accounts chief director, said household spending and exports also drove GDP lower.He said household final consumption expenditure decreased by 2.4%, contributing -1.6 percentage points to total growth.
Congratulations to the lucky winners yesterday.We are still giving out a payment of R17000 to R19000 to the first 30 people to comment CASH just like we did yesterday .
This guy is like his numbers are deceiving South Africans every week
Lockdown,Corruptions and Misuse of IMF Loans. there wouldnt be Riots if Lockdown was managed properly
Come on Ramaphosa and Tito mboweni must fall
What did they expect. KZN came to a standstill for a week with long term damage to infrastructure and businesses.
Cyril not people
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