SA economy contracts by 0.1% in Q1 of 2024

JOHANNESBURG - South Africa's economy contracted by 0.1% in the first quarter of 2024.
 
Statistician-General Risenga Maluleke released the latest gross domestic product (GDP) figures on Tuesday morning.
 
This followed a revised 0.3% increase in the fourth quarter of 2023. 
 
Manufacturing, mining and construction were some of the largest negative contributors to growth in the GDP.

Statistics South Africa (Stats SA) Bokang Vumbukani Lepolesa: "Six of the 10 industries in the production side of the economy performed poorly in the first quarter...The automotive sector was the largest negative contributor, pulled lower by weaker demand for new vehicles and transport parts and accessories."

Moreover, five of the 10 manufacturing divisions in the country recorded negative growth in the first quarter of the year – revealed Stats SA.

Statistician-General Risenga Maluleke said the automotive sector was the largest negative contributor.

“This was driven by the fact that utilities in the forms of gas and electricity were high. In the first quarter we were not out of load shedding yet,” he explained.