{"id":736,"date":"2020-12-08T21:43:02","date_gmt":"2020-12-08T21:43:02","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=736"},"modified":"2020-12-08T21:43:02","modified_gmt":"2020-12-08T21:43:02","slug":"sas-gdp-rebounds-to-66-growth-in-q3-on-eased-lockdown-restrictions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/sas-gdp-rebounds-to-66-growth-in-q3-on-eased-lockdown-restrictions","title":{"rendered":"SA&#8217;s GDP rebounds to 66% growth in Q3 on eased lockdown restrictions"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.com\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.com\/south-africa\">South-Africa<\/a>. <\/strong><\/span>JOHANNEBSURG &#8211; South Africa\u2019s gross domestic product (GDP) rebounded significantly and increased at an annualised rate of 66.1 percent in the third quarter, largely as a result of the easing of Covid\u201119 lockdown restrictions.<\/p>\n<p>This was the strongest pace of expansion since at least 1993 and beat market expectations of 52.6 percent recovery, but it was from a low base following a record 51.7 percent slump in the second quarter.<\/p>\n<p>Without annualising, the quarter-on-quarter seasonally adjusted growth rate was 13.5 percent.<\/p>\n<p>Statistics South Africa (Stats SA) said today that manufacturing, trade and mining were the main drivers of growth.<\/p>\n<p>The manufacturing industry increased at a rate of 210.2 percent in the third quarter as all q0 manufacturing divisions reported positive growth rates.<\/p>\n<p>The four divisions with the largest contributions to the increase were basic iron and steel, non-ferrous metal products, metal products and machinery; petroleum, chemical products, rubber and plastic products; transport equipment; and food and beverages.<\/p>\n<p>The mining and quarrying industry rose by 288.3 percent largely on account of the easing of local and global lockdown restrictions.<\/p>\n<p>StatsSA said higher production was mainly due to increased activities in the production of platinum group metals (PGMs), iron ore, gold, manganese ore and diamonds.<\/p>\n<p>The trade, catering and accommodation industry experienced a 137 percent jump, but the total value added for the industry in the third quarter remained below its level in the first quarter.<\/p>\n<p>The transport, storage and communication industry increased at a rate of 79.3 percent as a result of increases in land transport, air transport, transport support services and communication services.<\/p>\n<p>Finance, real estate and business services rose by 16.5 percent due to an increase in economic activity for financial intermediation, insurance and pension funding and other business services.<\/p>\n<p>The construction industry increased by 71.1 percent in the third quarter, with residential buildings, non-residential buildings and construction works experiencing rising activity.<\/p>\n<p>StatsSA said expenditure on real GDP increased at an annualised rate of 67.6 percent in the quarter as household consumption, exports and gross fixed capital formation recovered.<\/p>\n<p><b>BUSINESS REPORT ONLINE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. JOHANNEBSURG &#8211; South Africa\u2019s gross domestic product (GDP) rebounded significantly and increased at an annualised rate of 66.1 percent in the third quarter, largely as a result of the easing of Covid\u201119 lockdown restrictions. This was the strongest pace of expansion since at least 1993 and beat market expectations of 52.6 percent [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":735,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,275],"class_list":["post-736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SA&#039;s GDP rebounds to 66% growth in Q3 on eased lockdown restrictions - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/sas-gdp-rebounds-to-66-growth-in-q3-on-eased-lockdown-restrictions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SA&#039;s GDP rebounds to 66% growth in Q3 on eased lockdown restrictions\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; South-Africa. JOHANNEBSURG &#8211; South Africa\u2019s gross domestic product (GDP) rebounded significantly and increased at an annualised rate of 66.1 percent in the third quarter, largely as a result of the easing of Covid\u201119 lockdown restrictions. 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