Review of Gross Domestic Product provides economic trend analysis for the
Eastern Cape. The second quarter 2018 release includes Gross Domestic Product
(GDP) data for the Eastern Cape and South Africa, based on data from Statistics
South Africa and Quantec Research.
Key findings include;
- The South African and Eastern Cape economies
are both in technical recession as GDP growth rate remains negative for
two consecutive quarters.
- Real GDP was grew at an annualized rate of
-7.0% QoQ in 2018Q2, and was -2.6% in the previous quarter, beating the
largest positive contributor to the South African GDP is the mining sector
with 4.9% QoQ growth, followed by Construction with 2.3% QoQ growth.
sectors each contributed negatively to GDP namely; agriculture (-29.2%), transport (-4.9%), trade
(-0.5%), government (-0.5%) and manufacturing (-0.3%).
- Year-on-year (YoY), the South African economy
contracted from 0.7% in 2017Q2 to -0.2% in 2018Q2.