South Africa Economy Posts 1.9% Growth for 1Q

By Aaisha Dadi Patel

JOHANNESBURG--South Africa's gross domestic product grew 1.9% in the first quarter of 2022, recording a second consecutive quarter of growth and returning Africa's most developed economy to pre-pandemic levels.

The manufacturing industry expanded by 4.9% in the first quarter, contributing 0.6% to GDP growth. The trade, catering and accommodation industry increased by 3.1%, contributing 0.4% to GDP growth. The finance, real estate and business services industry increased by 1.7%, contributing 0.4% to GDP growth.

The data release covers the first quarter of the year, meaning it doesn't include the economic impact of the floods in KwaZulu-Natal province and war in Ukraine.

South African Reserve Bank Governor Lesetja Kganyago said in May that the bank expects the country's economy to grow 1.7% in 2022.

Write to Aaisha Dadi Patel at [e-mail]

(END) Dow Jones Newswires

06-07-22 0625ET