Indicators show economic recovery in progress

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Statistics South Africa (Stats SA) released Gross Domestic Product (GDP) data for Quarter 3 of 2022 on Tuesday 6 December 2022, revealing a year-on-year growth of 4.1%. The statistics revealed that “after contracting by 0,7% in the second quarter of 2022, the economy rallied in the third quarter, expanding by 1,6%.”

The South African Government released a statement stating that President Cyril Ramaphosa has welcomed the 1,6% growth in GDP that was recorded in the third quarter of 2022 as an encouraging indication that the Economic Reconstruction and Recovery Plan is bearing fruit.

“Given the condition of our economy, we have no room to be complacent, but we do have room to acknowledge that our economic recovery is in progress and that our Economic Reconstruction and Recovery Plan, conceived amid the Covid-19 pandemic, is bearing fruit,” Ramaphosa said.

The president continued to add that the progress is because of the millions of people who work toward contributing to the economy.

“We owe the progress we are making to the high-level partnerships between the government and all sectors of our economy, as well as to the hard work of millions of South Africans who report for duty or open their businesses daily to add value to our economy and bring services and products to the nation.

“Through increased economic activity, we will see more and more South Africans in employment and sharing in the prosperity of the nation.”

Compiled by Gypseenia Lion