South Africa’s Economy Improving

By Xinhua 

September 6, 2023

Local employees work in a workshop of an industrial park of Chinese appliance manufacturer Hisense in South Africa. (Photo by Zou Song/People's Daily)

South Africa’s gross domestic product (GDP) increased 0.6 percent in the second quarter of 2023, following a 0.4-percent growth in the first quarter, data released by Statistics South Africa (Stats SA) showed Tuesday.

“Six of the ten industries recorded growth in the second quarter, with manufacturing and finance making the most significant positive impact,” Stats SA’s Statistician-General Risenga Maluleke said.

The manufacturing industry increased 2.2 percent in the second quarter, contributing 0.3 of a percentage point to the GDP growth. The finance, real estate and business services industry increased by 0.7 percent in the period, contributing 0.2 of a percentage point to the GDP growth.

The petroleum, chemical products, rubber and plastic products division made the largest contribution to the increase in the second quarter, and the basic iron and steel, non-ferrous metal products, metal products and machinery division also made a significant contribution to the growth in this industry.

The data also showed that South Africa’s agriculture, forestry and fishing industry increased 4.2 percent in the second quarter, while the mining and quarrying industry increased by 1.3 percent.

On the demand side, the nation has benefited from a substantial increase in investments in machinery and equipment, including goods connected to renewable energy, according to Maluleke.