A good number of South Africans always blame Mr President anytime South Africa’s economy degenerates.
Hence, I urge you to desist from any insinuation that will deny President Zuma the praise of being the cause of the good fortunes South Africa’s economy experienced.
According to the latest estimates of real gross domestic product measured by production, South Africa’s economy grew by 3.3 percent.
Records indicated that this is the fastest quarter-on-quarter rise in economic activity since the fourth quarter of 2014.
If you recall, the year-on-year growth in the second quarter of 2016 was just 0.6%.
BuzzSouthAfrica gathered that the mining and manufacturing industries contributed over half of the 3.3% growth.
The industries contracted by 18.1 percent in the first quarter of 2016. However, the mining industry bounced back in the second quarter, rising by 11.8%.
The rise was attributed to increased production in platinum group metals (PGMs).
On the other end, the increase in the production of motor vehicles helped manufacturing expand by 8.1%. This is the highest expansion recorded since the fourth quarter of 2013.
Data from the expenditure side of the economy confirmed this indicating a substantial rise in exports of passenger and goods-carrying vehicles.
Sadly, agriculture dwindled away to keep up its sixth consecutive quarter of economic decline.
The real value of the agriculture industry nosedived from R77,8 billion in the fourth quarter of 2014 to R66,7 billion in the second quarter of 2016.
Along with that, Statistic South Africa stated:
“Electricity, gas and water supply was the second industry to contract in the second quarter, falling by 1.8%.
Electricity distribution in South Africa has been subdued, contributing to the industry’s contraction. The amount of electricity distributed was 2.0% lower in the first seven months of 2016 compared with the first seven months of 2015…”
Statistical document from the government highlighted the under-listed facts about the 3.3% economy growth.
- Real GDP increased by 0.3% in the first six months of 2016 compared with the first six months of 2015.
- Nominal GDP (measured by production) was estimated at R1 068 billion.
- Expenditure on real GDP increased by 3.4% quarter-on-quarter.
- Exports of goods and services increased by 18.1% quarter-on-quarter.
- Household final consumption expenditure increased by 1.0% quarter-on-quarter.
- Government consumption expenditure increased by 1.3% quarter-on-quarter.
- Gross fixed capital formation decreased by 4.6% quarter-on-quarter.
- Imports of goods and services decreased by 5.1% quarter-on-quarter.