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The finance, real estate and business services sector grew by 1.7%, contributing 0.4 percentage point to GDP growth. An increase in economic activities was reported for insurance and pension funds, ancillary activities, real estate and business services.
The personal services industry grew 1.1% and contributed 0.2 percentage points to GDP growth. An increase in economic activities has been reported for the community and other producers.
The transportation, warehousing and communications industry rose 1.8%, contributing 0.1 percentage point. An increase in economic activities was reported for land transport and communication services.
Expenditure on GDP
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Real gross domestic product spending increased by 1.9% in the first quarter of 2022.
Household final consumption expenditure rose 1.4% in the first quarter, contributing 1.0 percentage point to total growth. The largest contributions to growth were reported for spending on durable goods, non-durable goods and services.
The main contributors to the growth of the HFCE were transport expenditure (2.8% and contributing 0.4 percentage point), food (2.5% and contributing 0.4 percentage point), restaurants (6.5% and contributing 0.2 percentage point) and communication (2.4% and contributing 0.1 percentage point).
Expenses in the other category negatively contributed to HFCE’s growth in the first quarter.
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Government final consumption expenditure rose 1.0% in the first quarter. Increases in the number of jobs and spending on goods and services were reported.
Total gross fixed capital formation increased by 3.6%. The main contributors to the increase are machinery and equipment (5.4% and contributing 2.2 percentage points), transport equipment (13.5% and contributing 1.2 percentage points ) and “other” assets (3.6% and contribution of 0.4 percentage point).
There was a R4 billion drawdown on inventories in the first quarter of 2022 (seasonally adjusted and annualized). Declines in trades and electrical contributed to the destocking recorded in the first quarter of 2022.
Net exports contributed negatively to spending growth on GDP in the first quarter. Exports of goods and services increased by 3.9%, largely influenced by increased trade in vehicles and other transport equipment; mineral products; electrical machinery and equipment; and plant products.
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Imports of goods and services increased by 4.9%, driven largely by the increase in vehicles and other transport equipment; mineral products; animal and vegetable fats and oils; and paper and paper products.
Posted by StatsSA, June 8, 2022
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