Everything’s going up 😭. But between the doom and gloom, there’s a bit of good news: South Africa’s GDP is bouncing back! Remember when we told you that our GDP had increased but not to pre-lockdown levels as yet? Well, you will be pleased to know that our economy has expanded by 1.9% … bringing it back to pre-pandemic levels 🥳.
We previously explained that GDP is a measure of how big our economy is; that is, how many goods and services are being sold, hence the terms gross domestic product.
So when Statistics South Africa released the GDP figures for the first quarter of 2022 on Tuesday we were so thrilled we would have popped some bubbly if we could afford it.
Stars of the economy in the first quarter were manufacturing (grew by 4.9%) and the trade, catering and accommodation industries, which grew by 3.1%.
“The petroleum, chemical products, rubber and plastic products division made the largest contribution to the increase in the first quarter,” Stats SA says in its release.
We still have a long way to go but SA has relaxed restrictions so we are crossing fingers for even more improvement. This is certainly a good start.