The South African National Bureau of Statistics released the latest gross domestic product (GDP) data on the 5th: South Africa’s economy grew by 0.6% in the second quarter of this year compared with the previous quarter, and achieved two consecutive quarters of economic growth in the first and second quarters (first quarterly growth of 0.4%), far exceeding previous expectations for the South African economy.
Among them, the manufacturing and mining industries were the industries that made a significant contribution to South Africa’s economic growth from April to June, thus effectively offsetting the diplomatic dispute between South Africa and the United States caused by the “Ms. R” cargo ship, excessive interest rates and other factors. The impact of the sharp depreciation of the rand exchange rate. Among them, the manufacturing industry grew by 2.2%, and the mining industry increased by 1.3%. Among them, the three major minerals with the strongest growth momentum were platinum, gold and coal.
Agriculture, one of the pillars of South Africa's economy, rebounded strongly after shrinking in the first quarter. This time, agriculture grew by 4.2%. This is related to South Africa's favorable weather conditions, increased planting area and rising export demand this year. ; The finance, real estate and business services industries all increased by 0.7%.
The South African National Bureau of Statistics pointed out that although economic growth exceeded expectations in the second quarter, the country's economy is still facing tremendous pressure. Continued nationwide power cuts, excessive interest rates, and high inflation have hindered The South African economy continues to move forward. According to data released by South Africa’s National Credit Regulator, more than 70% of new credit applications are currently rejected. South Africa will not lower interest rates until at least 2024.
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