Latest GDP figures show that SA narrowly avoids a technical recession
Stats SA said the fourth quarter GDP grew by point-one percent bouncing back from the previous quarter’s contraction of point-2 percent.
Statistician-General (SG) of South Africa and Head of Statistics South Africa Risenga Maluleke. Picture credit: @StatsSA
JOHANNESBURG - The country’s economy has narrowly averted a technical recession, following a slight uptick in the GDP.
Stats SA said the fourth quarter GDP grew by point-one percent bouncing back from the previous quarter’s contraction of point-2 percent.
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SA's fourth quarter GDP bounces back by 0.1%
In the fourth quarter of 2023, six of the ten industries kept the economy in the green.
Stats SA said the transport, storage and communication sector was the largest positive contributors to economic growth.
Mining activity was up 2.4%, pushed higher by stronger production figures for platinum group metals, coal and diamonds.
Manufacturing was also among the six top performers. On the downside, trade, agriculture and construction were weaker.
Agriculture in particular had a tough quarter, shrinking by almost 10% on the back of weaker production figures for field crops.
The latest GDP reading now takes the overall annual growth rate for 2023 to 0.6% in line with some expectations.