SA economy grew by 1.1% in Q1 of 2021 - Stats SA
Stats SA said that the finance, mining and trade sectors were the main drivers on the production side of the economy, while household spending and changes in inventories helped spur growth on the demand side.
CAPE TOWN - Stats SA said that despite the South African economy showing positive growth for a third consecutive quarter, it was still 2.7% smaller than it was in the fourth quarter of 2020.
Stats SA on Tuesday released the latest gross domestic product (GDP) figures, which showed that the economy grew by just 1.1% in the first three months of this year.
This translated into an annualised growth rate of 4.6%.
[Thread]Stats SA (@StatsSA) June 8, 2021
The South African #economy grew by 1,1% in Q1:2021, translating into an annualised growth rate of 4,6%.
Read more here: https://t.co/p24CKdmiiY#StatsSA #GDP #SAeconomy pic.twitter.com/sMt6i0nNDO
Stats SA said that the finance, mining and trade industries were the main drivers of output on the production or supply side of the economy, while household spending and changes in inventories helped spur growth on the expenditure, or demand, side.
Despite this being the third consecutive quarter of positive growth, Stats SA said that the South African economy was still 2.7% smaller than it was in the first quarter of 2020.
Stats SA said that the COVID-19 pandemic and lockdown restrictions significantly disrupted the South African economy. Real GDP was R782 billion in the first quarter of 2020 (January to March) but in the second quarter of 2020 (April to June), when restrictions were at their most stringent, economic output slumped to R652 billion.