Durban's GDP is estimated to have decreased by 0,8% in 2022Q2. The City's GDP is 1,8% below its pre-pandemic level, which is in line with the City’s results for the April 2022 KZN flood economic impact on Durban. While Durban's economy suffered a GDP loss of R3,6 billion this quarter (the biggest when compared to other cities), all major metros suffered a loss of -0,4% on average this quarter; probably due to load shedding and secondary effects of the flood.
The biggest contributor to the negative GDP growth is manufacturing with a loss of R4,4 billion (-1,0%), followed by the trade sector with a loss of R925,7 million (-0,2%). This is also mainly due to the flood which primarily impacted manufacturing businesses in the South Durban Basin industrial area.
The construction sector, which accounts for around 3% of the City’s GDP, has declined by 0,1% in 2022Q2. The two sectors that contributed positively to GDP growth were the finance sector with a contribution of R2,1 billion followed by the transport sector with a contribution of R1,2 billion.
