BY BUSINESS EDITOR
MBABANE – The 2023 third Quarter Gross Domestic Product (GDP) estimates report has revealed that the construction works grew by 34 per cent in 2023.
According to the report, the construction industry was the main contributor to the growth rate experienced in the Secondary Growth Sector. The Secondary Growth Sector contributed 36 per cent in the growth observed in the economy.
“The secondary Sector Contributes 36% to total Industries, indicating a Growth of 4.9% in the 2023 Quarter 3 year on year. The realized growth in This sector is mainly due To growth in Manufacturing (2%) Electricity (19%) and Construction (34%),” mentions the report.
“ The Primary Sector Contributes 10% to total Industries in the third quarter of 2023 shows an increase of 0.7% on the year-on-year basis. The realized growth was due to an increase in the growing of crops (3%), and animal production (5%)”
“The Tertiary Sector Contributes 51% of total Industries shows an overall Increase of 11.1% in 2023 Quarter 3 year on year. This increase was mainly Contributed by the following industries: Wholesale and retail trade (6%), accommodation and Food services (31%), Information and Communication (49%) Financial and Insurance Activities (11%),” added the report.
Director of Statistics Thembinkoso Shabalala mentioned in the report that The Central Statistical Office (CSO) publishes the Country’s GDP on a quarterly and annual basis. He said GDP measures the monetary value Of all final goods and services produced within the country’s borders in a given Time period.
He said it measures the size of the economy and its growth rate over time, And is the most familiar and widely recognized feature of the national accounts.
“These estimates were compiled following the System of National Accounts (SNA 2008) which is described as a statistical framework that provides a comprehensive, Consistent and flexible set of macroeconomic accounts for policymaking, analysis And research purposes,” he said.
The Director added that the classification of individual economic activities was based on the International Standard of Industrial Classification (ISIC Rev. 4).
Moreover, he said these estimates were compiled using the Production approach which Is a sum of Gross Value Add (GVA) from the production of goods and services at Market prices
The Real Quarterly Gross Domestic Product indicated a growth of 7.7 per cent in the third quarter of 2023 (seasonally adjusted year on year) following a revised growth of 8.2 per cent in the second quarter of 2023.
The Year on Year (Y-Y) seasonally adjusted 2023 Q3 shows a growth of 7.7% compared to a decline of -0.6% in the previous year (2022 Q3). The Y-Y growth measures the rate of change of corresponding quarters in subsequent years i.e., 2022 Q3 and 2023 Q3.
