Home Business SA Records Slight GDP Growth Amid Economic Challenges

SA Records Slight GDP Growth Amid Economic Challenges

by Central News Reporter
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GDP

GDP

Pretoria – South Africa’s economy has registered a marginal increase in the gross domestic product (GDP) with a growth of 0.1% for the fourth quarter of 2023, according to Statistics South Africa (Stats SA). This modest uplift signals a resilient economic landscape despite the diverse challenges the country faces on various fronts.

Leading the charge, the transport, storage, and communication industry experienced a notable expansion of 2.9%, contributing a substantial 0.2 of a percentage point to the overall GDP growth of the nation. “Increased economic activities were reported for land transport, air transport, transport support services and communications,” as confirmed by Stats SA in their latest report on Tuesday.

Mining and quarrying also lent support to economic growth, with a 2.4% increase in the fourth quarter and a 0.1 of a percentage point contribution to GDP growth. As noted by Stats SA, “Increased economic activities were reported for platinum group metals (PGMs), coal, chromium ore and diamonds.”

The personal services industry saw growth of 0.9%, adding 0.1 of a percentage point to the economic growth as health and education sectors blossomed. In similar stride, the finance, real estate, and business services industry rose by 0.6%, buoyed particularly by progress in financial intermediation, auxiliary activities, real estate, and business services.

On the other hand, the trade, catering and accommodation industry faced a setback, edging down by 2.9%, which led to a decline of -0.3 of a percentage point to overall GDP. “Decreased economic activities were reported for wholesale trade, retail trade, motor trade, accommodation and food and beverages,” outlined Stats SA.

The agriculture sector was significantly impacted; the agriculture, forestry and fishing industry contracted sharply by 9.7% in the final quarter of 2023, prompting a -0.2 of a percentage point contribution to GDP growth. This decline was chiefly attributed to lessened activities in “field crops, animal products and horticulture products,” detailed the Stats SA statement.

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