Africa-Press – Eswatini. The Real Quarterly Gross Domestic Product (GDP) indicated a growth of 6.2 per cent in the second quarter of 2023 (seasonally adjusted year on year) following a revised decline of -2.4 per cent in the first quarter of 2023.
This is according to the 2nd quarter GDP report issued by the Central Statistical Office National Accounts Unit in the Ministry of Economic Planning and Development. The statistics office reported that the 6.2 per cent increase showed a growth compared to a decline of 2.4 per cent in the previous year (2022 Q2). The realised growth in this sector is mainly due to growth in manufacturing (eight per cent) and electricity (23 per cent) and construction (10 per cent). The quarter to quarter (Q-Q) seasonally adjusted growth rate which measures the change from subsequent quarters shows a decline of -0.2 per cent in 2023 Q2, following a revised growth of 2.0 per cent in 2023 Q1. On sector contribution, the primary sector contributed 10 per cent to total industries in the second quarter of 2023, shows an increase of 6.4 per cent on the year-on-year basis. The realised growth was due to an increase in the growing of crops (three per cent), and animal production (five per cent).
contributes
The secondary sector contributes 31 per cent to total industries, indicates a growth of 8.3 per cent in 2023 quarter two year-on-year. The tertiary sector contributed 54 per cent of total industries which shows an overall increase of 6.6 per cent in 2023 quarter two year on year. This increase was mainly contributed by the following industries; wholesale and retail trade (12 per cent), accommodation and food services (44 per cent), information and communication (22 per cent) professional, scientific and technical activities (20 per cent). On growth rates, the wholesale and retail trade sector grew up to 12.2 per, when compared to the -1.4 per cent realised in the first quarter of 2023. Mining and quarrying grew by up to 46.5 per cent compared to the 14.3 per cent realised in the first quarter of the year. The statistics office reported a few months ago that the GDP for the year 2022 stood at E78.390 billion. The Real GDP grew by 0.5 per cent compared to a growth of 10.7 per cent. The observed growth is mainly contributed by the primary sector, which grew by 5.2 per cent.
defence
It was reported that towards aforementioned GDP, manufacturing contributed the largest share to GDP of 27.9 per cent, followed by wholesale and retail trade with 15.9 per cent, and agriculture and forestry, public administration and defence with 8.6 per cent and 6.8 per cent respectively. The least contributing industries were mining and quarrying with 0.3 per cent and the arts entertainment and recreation at 0.1 per cent. By definition, the expenditure approach to GDP is measured by the sum of private consumption expenditure (household final consumption expenditure and non-profit institutions serving households), general government final consumption expenditure, gross capital formation, and net exports of goods and services.
This approach indicated a decline in consumption expenditure, both by private and government by -5.3 per cent and -0.3 per cent respectively in the year 2022. There was also a negative growth in gross fixed capital formation of -10.8 per cent and -14.6 per cent in net exports of goods and services. The negative net exports have contributed to a higher statistical discrepancy, and by definition, it means the difference in methodology between the two approaches of compiling GDP (production and expenditure approaches).
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