South Africa not yet out of the woods despite GDP growth, says Maluleke

Dennis T
Risenga Maluleke

Statistician-General Risenga Maluleke has cautioned that the country’s economy is not yet out of the woods despite the positive gross domestic product (GDP) data released on Tuesday.

The economy grew by 1.2% in the fourth quarter of last year while the yearly growth rate increased to 4.9%.

GDP is the final value of goods and services produced in the country measured in quarterly and annual rates to reflect economic performance.

Mining, agriculture, and manufacturing recorded the highest growth rates last year. With finance, personal services such as health and education, and manufacturing among the largest positive contributors to overall growth.

While it was expected that the economy would rebound following the hard COVID-19 lockdowns that restricted business activity, growth is still muted.

Maluleke said the country’s economy was at the same level it was at during the third quarter of 2017.

“At the beginning of the year of 2020, we were sitting at R1.147 trillion in terms of real GDP. We are now sitting at R1.126 trillion. So, we haven’t reached where we were pre-COVID.”

The construction industry, which has been on a decline for several years, has continued on the downward spiral, falling by 1.9% last year.

This is the fifth consecutive year of decline for the critical industry that could be brought back to life by the government’s public-private infrastructure drive.

-EWN

In other news – This video of DJ Dimplez interviewing Riky Rick leaves Mzansi in tears

Mzansi music industry has really suffered a huge loss following the death of three of the OGs of the game in a short space of time! Barely a week after Hip Hop star Riky Rick was buried, Mzansi entertainment has lost another Hip Hop legend.

Multi-award-winning DJ Tumi Mooi, popularly known as DJ Dimplez passed away yesterday. According to the family statement, DJ Dimplez suffered a sudden brain haemorrhage. Learn More

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