GDP rises 5.3% year on year in first quarter
The Gross Domestic Product for the first quarter grew by 5.3% year on year, the statistics agency (NSA) said Thursday.
Statistician General, Alex Shimuafeni said economic activities were largely driven by the resurgent mining and quarrying sector which registered a robust 23.5% growth.
Other industries singled out by Shimuafeni for their excellent performance include manufacturing (7.5%), transport and storage (6.3%) and financial services (5.1%).
“The domestic economy continues an upward trend recording a growth of 5.3% in the first quarter of 2022 compared to a decline of 4.9% in the corresponding quarter of 2021. The last time the economy recorded positive economic growth for four consecutive quarters was from Q4 2017 to Q3 of 2018,” Shimuafeni said.
The construction sector did not share in the good performance of the rest of the economy, posting a quarterly yoy decline of 7.5%.
But the export of goods and services more than made up for the builders’ poor fortunes, jumping 31.5% in real terms whereas in the first quarter of 2021, it posted a 23.7% contraction.