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Second-quarter GDP better than expected, but effect of unrest and lockdowns will hit hard

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Growth is expected to be weak in the third quarter due to the unrest in July.
Growth is expected to be weak in the third quarter due to the unrest in July.
Phill Magakoe / AFP

There was cause for a little celebration as second-quarter GDP figures surprised on the upside, but economists are only too aware of the looming effects of the civil unrest in July as well as stricter lockdown restrictions during the third quarter. Many fear these devastating events will slow down economic recovery.

Stats SA on Tuesday released the second-quarter GDP figures, reflecting an expansion of 1.2% on a quarter-on-quarter, seasonally adjusted basis. Economists had pencilled in growth anywhere between 0.7% and 1%.

The SA economy has now recorded its fourth consecutive quarter of GDP growth. On a year-on-year basis, the economy grew by 19.3%.

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