South Africans may be struggling financially, but they still eat and drink well.
The food and beverage industry’s figures for May this year increased by 6.7% in real terms compared to May last year.
Statistics South Africa (StatsSA) says that restaurants and coffee shops performed particularly well, with restaurants and coffee shops earning 9.5% more year-on-year and contributing 4.4 percentage points to the industry’s overall revenue.
Fast food outlets performed 4.2% better than the year before.
Seasonally adjusted revenue for the food and beverage industry increased by 0.8% in May this year when compared to April. This followed month-on-month changes of 2.3% in April 2023 and -1.3% in March 2023.
Income generated by the #food & beverages industry increased by 6.7% y/y in May 2023. Increases were recorded for restaurants & coffee shops (+9.5%), catering services (+4.3%) and fast-food outlets (+4.2%).
Read more here: https://t.co/FpuBwQTrL7#StatsSA pic.twitter.com/kRa6PjD9Yes
— Stats SA (@StatsSA) July 24, 2023
Fewer businesses liquidated
The number of businesses that were liquidated also decreased by 11.7% year-on-year in June this year.
StatsSA says there was a decrease of 17.0% in the second quarter of 2023 compared to the second quarter of 2022. The overall number of liquidations decreased by 14% in the first six months of this year compared to the first six months of 2022.
Liquidations decreased by 11.7% y/y in June 2023. A 17.0% decline was estimated in Q2:2023 compared with Q2:2022.
Read more here: https://t.co/8XOveTQRJ7#StatsSA #liquidation pic.twitter.com/dCKl7fg4MB
— Stats SA (@StatsSA) July 24, 2023
Less goods transported
According to StatsSA’s statistics, the number of goods transported on South African roads and railways decreased by 0.3% year-on-year in May this year. The industry’s revenue nevertheless increased by 2.2% over the same period.
The volume of goods transported on our roads and railways decreased by 0.3% y/y in May 2023. The corresponding income increased by 2.2% over the same period.
Read more here: https://t.co/13SULNtGey#StatsSA pic.twitter.com/oCuwLVbprJ
— Stats SA (@StatsSA) July 24, 2023
Revenue from freight transport increased by 6.8% between March, April and May this year compared to the year before. The most important positive contributors to this increase were primary mining and quarrying products (12.9%), as well as manufactured food, beverages and tobacco products (6.0%).
