SA economy grew by 1.2% in the second quarter

The SA economy grew 1.2% in the second quarter compared to the previous three months in seasonally adjusted but non-annualised terms, Stats SA data showed on Tuesday.

Economists polled by Reuters had forecast GDP growth of 0.7%, versus a revised 1.0% increase in the first quarter.

In unadjusted year-on-year terms, GDP jumped 19.3% in the second quarter, reflecting a low base last year when the government shuttered much of the economy during a harsh lockdown to contain the spread of the coronavirus.

The agriculture, trade and mining sectors performed well between April and June, whereas manufacturing and construction fared badly.

SA has seen an uneven recovery from the pandemic, with sectors such as mining boosted by bumper commodities prices, but others struggling under successive Covid-19 infection waves and lockdown restrictions.

Reuters