The largest negative contributors to the negative growth in GDP for quarter 2 were manufacturing, trade, and transport – which were severely affected by the lockdown regulations.
JOHANNESBURG – While the COVID-19 lockdown caused most industries to suffer and bleed profit, Statistics South Africa says some industries – like communications – became the winners.
The South African economy has shrunk by 16.4% quarter-on-quarter.
This figure is based on a projection on what would happen if the economy continued to perform the way it did last quarter.
The largest negative contributors to the negative growth in GDP for quarter 2 were manufacturing, trade, and transport – which were severely affected by the lockdown regulations.
The contraction in the economy was expected as the country remained in hard lockdown from the end of March until June.
Statistician general Risenga Maluleke said: “Communication at household spending was a little higher; it grew by 3.6%. But if you look at housing, water, electricity, gas and other fuels, they went of a growth of 1.5% because people were at home, they were using a lot of water, electricity and gas.”
