Africa-Press – Eswatini. All sectors of the country’s economy achieved positive results hence growing economic activity by a significant 6.2 per cent in the second quarter of the year from a revised contraction of 2.4 per cent in the first quarter of 2023.
This was reported by the Central Bank of Eswatini (CBE) in their Recent Economic Developments report for the month of August/Sept.
The growth of the country’s economic activity was measured by the Quarterly Gross Domestic Product.
CBE headed by its governor Dr. Phil Mnisi, reported that the growth observed in the quarter under review was broad-based as all sectors of the economy performed positively.
On a quarterly basis, the report indicates that economic activity contracted by a marginal 0.2 per cent in the quarter under review from the revised growth of two per cent in the previous quarter.
In the second quarter of 2023, the primary sector is reported to have grown by 6.4 per cent on a yearly basis from a revised growth of 0.9 per cent in the first quarter of the year.
The report highlights that the primary sector’s significant growth was attributable to the positive performance observed in the animal production and mining and quarrying subsectors.
It states that the animal production subsector grew by 12.8 per cent in the quarter under review, from 3.2 per cent in the previous quarter.
The report highlights that increase was driven by increases in pigs and commercial cattle slaughters during the period under review.
It indicates that the mining and quarrying subsector grew by 46.5 per cent in the quarter under review when compared to the 14.3 per cent growth observed in the previous quarter.
The report states that the significant increase was attributable to a 56.8 per cent rise in coal production, which was driven by the mining of high yielding crown land.
On the other hand, the secondary sector is reported to have rebounded by 8.3 per cent in the second quarter of 2023, which is under review.
The report shows that subsectors that drove industry growth included manufacturing of sugar, processing and preserving of meat, manufacture of cocoa, chocolate and sugar confectionery, as well as manufacture of wood and wood products.
The report highlights that positive performance was noted in manufacturing, water supply and construction subsectors.
It indicates that the manufacturing subsector grew by 7.6 per cent on a yearly basis in the second quarter of the year from a revised decrease of 13.1 per cent in the first quarter.
On the contrary, it was reported that decreases were observed in textile manufacturing, and manufacture of beverages, which was affected by the sluggish external demand during the period under review.
However, the construction sector grew by 10.2 per cent in the second quarter of 2023 in comparison to the five per cent growth recorded in the previous quarter.
The report indicated that supporting indicators such as imports of construction material observed a positive growth of 7.6 per cent in the quarter under review.
“Ongoing mega projects that were implemented during the review quarter include, among other, the Lower Usuthu Smallholder Irrigation project II (LUSIP II), International Convention Centre and Five Start Hotel (ICCFSH), construction of factory shells and Nhlangano-Sicunusa road,” reads the report in part.
It further indicates that additionally, water supply grew by 5.4 per cent in the period under review from a 19.7 per cent decline in the previous quarter.
The report states that the growth was driven by the increase in the demand of treated water by the commercial category.
Electricity generation, on the other hand contracted by 22.9 per cent in the second quarter of 2023.
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