SOUTH AFRICA’S GDP INCREASES BY 0.1% IN THE FOURTH QUARTER OF 2023

Tue 05 March 2024:

Statistics South Africa (Stats SA) has announced that South Africa’s gross domestic product (GDP) increased by 0.1% in the fourth quarter of 2023.

In the fourth quarter, six of the 10 industries kept the economy in the green, with the transport, storage and communication industry making the biggest positive impact, expanding by 2.9% and contributing 0.2 of a percentage point to the GDP growth.

“Increased economic activities were reported for land transport, air transport, transport support services and communications.

“The mining and quarrying industry increased by 2.4% in the fourth quarter, contributing 0.1 of a percentage point. Increased economic activities were reported for platinum group metals (PGMs), coal, chromium ore and diamonds,” Stats SA said on Tuesday.

Stats SA further announced that the personal services industry increased by 0.9% in the fourth quarter, contributing 0.1 of a percentage point, with increased economic activities reported for health and education.

The finance, real estate and business services industry increased by 0.6%, pushed higher by financial intermediation, auxiliary activities, real estate and business services, contributing 0.1 of a percentage point.

Meanwhile, the trade, catering and accommodation industry decreased by 2.9% in the fourth quarter of 2023, contributing -0.3 of a percentage point. Decreased economic activities were reported for wholesale trade, retail trade, motor trade, accommodation and food and beverages.

On the downside, trade, agriculture, construction and government were weaker. Agriculture, forestry and fishing had a notably tough quarter, shrinking by 9.7%.

“The agriculture, forestry and fishing industry decreased by 9.7% in the fourth quarter of 2023, contributing -0.2 of a percentage point to GDP growth. This was primarily due to decreased economic activities reported for field crops, animal products and horticulture products,” Stats SA said.

– SAnews.gov.za

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