As the country hosts business and world leaders at the 2019 World Economic Forum on Africa in Cape Town, the positive news on the country’s economy growing by 3.1% has been well received, as released by Statistics SA on Tuesday 03 September 2019.
As part of the journey to renewal and growth, government remains committed to partnerships for growth with business, labour and civil society in reinstating confidence and addressing the structural constraints to economic growth.
According to Stats SA; mining, finance, trade and government services were the main drivers of growth. Mining was the strongest performer in the second quarter, expanding by 14,4%. This was the industry’s strongest showing in three years since the second quarter of 2016 when production jumped by 16,3%.
The growth in the economy has a positive ripple effect on the reputation of a Nation Brand and therefore, shapes various perceptions. The 2019 WEFA theme – ‘Shaping Inclusive Growth and Shared Futures in the Fourth Industrial Revolution’ echoes South Africa’s new found hope. South Africa is indeed open for business and is a very competitive, dynamic and an investor friendly destination.
Key facts from the GDP release for the second quarter of 2019;
· Real GDP in the second quarter was up 3,1% quarter-on-quarter (seasonally adjusted and annualised)
· Unadjusted real GDP in the second quarter was up 0,9% year-on-year.
· Unadjusted nominal GDP in the second quarter of 2019 was estimated at R1,26 trillion, higher than the R1,20 trillion recorded in the first quarter of 2019.
For more information, download the latest GDP report and media presentation here.
1 Unless otherwise indicated, all growth rates are quarter-on-quarter, seasonally adjusted and annualised, and in real (volume) terms. 2 Stats SA, Mining: Production and sales, June 2019. Table B (download here). Similar articles are available on the Stats SA website and can be accessed here.
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