StatsSA: Lockdown easing in Mzansi sees GDP growing by 13,5 percent

StatsSA: Lockdown easing in Mzansi sees GDP growing by 13,5 percent

- The Department of Statistics South Africa (StatsSA) has released figures detailing how the GDP in South Africa has grown

- The GDP in Mzansi has shown growth by 13,5% after the easing of lockdown restrictions

- Mzansi users were not very impressed with how StatsSA released the figures by focusing on annual growth

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The Covid-19 pandemic was a blow to the South African economy. Many lost their jobs and businesses struggled to keep things afloat. Statistics South Africa (StatsSA) has released information that indicates how the country's Gross Domestic Product (GDP) has grown since the easing of the lockdown.

According to StatsSA, the GDP grew by an estimated 13,5% in the third quarter of the year - which translates to an annualised growth rate of 66,1%. The GDP had dropped by an astounding 16,6% in the second quarter, which was when Mzansi was still on a hard lockdown.

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"South African industries still have a long way to go before reaching levels of production seen before the pandemic," said StatsSA in a statement on their website.

The economy is still currently 5,8% smaller than it was before the end of 2019. The biggest contributing factors to the growth of the GDP are the manufacturing, trading and mining industries.

StatsSA: Lockdown easing in Mzansi sees GDP growing by 13,5 percent
According to StatsSA, the lockdown easing in Mzansi sees the GDP growing by 13,5%. Source: Photo Illustration by Scott Olson
Source: Getty Images

Social media users reacted to the news and had some comments, some were not very impressed at the supposed "good news", calling StatsSA out for using annualised figures:

@TshimomolaGK said: "Wait for them to tell us these are the outcome of the R500 billion stimulus. Wait for it!"
@phume22 said: "Why do you guys insist on misleading the public with these annualised numbers? Stop it."
@Lungani__Mco said: "Can you stop leading with this annualised GDP?"
@Zuko_Godlimpi commented: "Abandon the annualized tool, please chile. It misinforms and leads to dizzy public reactions."

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In other news, Briefly.co.za reported that lockdown closed nearly half of SA's small businesses. South Africa's response to the Covid-19 pandemic was to place the entire country under strict lockdown restrictions. While this move would limit the spread of the virus, the economic impact of the move is starting to become more and more apparent.

Briefly.co.za explores the latest updates on the pandemic.

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Source: Briefly.co.za

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