‘Dismal GDP increase result of failed ANC economic policy’

todaySeptember 5, 2023 18

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The Democratic Alliance (DA) says the dismal increase in the country’s economy is a direct result of failed ANC economic policy.

Earlier, Statistics South Africa announced that the Gross Domestic Product (GDP) grew by 0.6% in the second quarter – up from 0.4% in the first quarter.

DA Shadow Minister of Finance, Dion George, says the estimated 0.9% growth by the National Treasury earlier this year, was an overstatement.

Economist Dawie Roodt says households remain under strain despite the slight GDP increase.
Stats SA says six industries on the supply side of the economy grew in the second quarter, with manufacturing and finance making the largest contribution to the increase.
Transport, storage and communication were the biggest drag on growth.
The news comes after South Africa was plunged into Stage 6 load shedding earlier today, a move Roodt says could have a dire impact on the economy in the third quarter.
Citizens will be subjected to at least eight to 12 hours of no power daily until further notice as the urgent repairs at Lethabo and Matla power stations are under way.

Written by: Nonhlanhla Harris

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