The economy is still in crisis, in spite of a fourth consecutive quarter growth
The GDP statistical release report shows that transport, storage and the communication industry made the largest contribution to GDP growth at 6.9% in the second quarter, a 0.5 percentage point increase.
Statistician-General Risenga Maluleke said personal services, which includes health-related activities, rose on the back of increased economic activity related to the second phase of the national Covid-19 vaccination programme that had kicked off on May 17, adding that another contributor to growth in personal services came from medical schemes that had recorded a rise in membership numbers.Stats SA also reported that trade increased by 2.
While the imports of goods and services increased by 0.4%, “We’re not out of the woods yet. Even though the economy has seen consistent growth since that Covid-19 shock, this growth is not enough to return to pre-Covid-19 levels,” explained Maluleke. The Statistician-General said the rebasing was to ensure GDP estimates remained relevant, adding that countries periodically made improvements to how national accounts were calculated.
He said the revised GDP at current prices showed that the economy was 11% larger in 2020 than previously estimated.
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