Cape Town – The Ctrack Freight and Transport Index reached its highest growth ever in the third quarter, indicating that the imminent gross domestic product figure (GDP) for the quarter may well show the strongest growth per quarter in our lifetime, said Ctrack managing director Hein Jordt.
In June 2020, the company’s Index showed that the logistics sector by 17.4% compared to the previous quarter, while the growth over the second quarter had improved with 11.8%.
Freight transport tracks the economy in the near real time and has a close relationship with GDP.
Jordt said: “The Ctrack Freight Transport Index has been recording these trends for a considerable time and we have never seen such growth and recovery. This is of course why we now expect the strongest GDP on record for South Africa and many other countries too”.
According to the index, only two sub-sectors recorded a decline. Those were Pipelines, which is the smallest sub-sector and Storage, which was historically difficult to predict.
The effects of the second wave of Covid-19 had not yet been seen – at the moment it seems to have hit Europe the hardest.
