Durban — The South African exports and imports were also one of the contributors to the country’s increase of gross domestic product (GDP).
On Tuesday, Statistics South Africa (Stats SA) revealed that the country’s GDP expanded by an estimate of 0.4% in the first quarter of 2023 from January to March.
Statistician-General Risenga Maluleke said the country’s exports were buoyant in the first quarter, expanding by 4.1%. He said the export growth was mainly driven by increased trade in base metals, food (vegetable products, prepared foodstuffs and beverages) and machinery and electrical equipment.
“Mirroring the rise in construction on the supply side of the economy, gross fixed capital formation increased on the back of government investment. While the private sector and public corporations made smaller positive contributions, their impact was not on the same scale as the government. Households increased spending on restaurants and hotels by 6.9%. This budget item was the largest positive contributor to the 0.4% rise in overall household consumption expenditure,” said Maluleke.
Furthermore, he said imports were also up in the first quarter, mainly driven by increased trade in machinery and equipment, chemical products, vehicles and transport equipment, and prepared foodstuffs and beverages.
He said imports increased by 4.4%
“The 4.4% rise was driven largely by machinery and equipment; chemical products; vehicles and transport equipment; and prepared foodstuffs, beverages and tobacco.
He added that there was a R35 billion build-up of inventories in the first quarter of 2023 (seasonally adjusted and annualised value). Large increases in three industries, namely mining and quarrying, trade, catering and accommodation and personal services, contributed to the inventory build-up.
Furthermore, Maluleke said the manufacturing industry increased by 1.5% in the first quarter, contributing 0.2 of a percentage point to GDP growth. Four of the 10 manufacturing divisions reported positive growth rates in the first quarter. The food and beverages division made the largest contribution to the increase in the first quarter. The petroleum, chemical products, rubber and plastic products division also made a significant contribution to the growth in this industry.
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