Government said it is pleased with the release of the latest Gross Domestic Product (GDP) figures by Statistics South Africa (Stats SA).
The figures, which were released by Statistician-General Risenga Maluleke in Pretoria, show a slight growth of 0.1% in the fourth quarter of 2023.
“This growth is particularly encouraging as it surpasses pre-pandemic levels. This indicates a resilient economy showing signs of recovery, and bettering previous strength,” said Minister in the Presidency, Khumbudzo Ntshavheni.
The figures show that in the fourth quarter, real GDP reached R1 158 billion, marking continuous improvement from the pre-COVID-19 level of R1 150 billion, although still below the peak recorded in the third quarter of 2022.
“The increase, though slight, signifies continued progress in the country’s economic recovery.
“It signifies the resilience of our economy and the positive impact of government interventions.
“We are particularly pleased to see the transport, storage and communication industries leading the growth,” added Ntshavheni.
Maluleke said 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, coal, chromium ore and diamonds,” explained Maluleke.
Electricity, gas, and water scored a second consecutive quarter of positive growth, expanding by 2,3%. This as the country experienced fewer days of loadshedding in the fourth quarter (63 days) compared with the third quarter (91 days).
Maluleke highlighted that finance, real estate and business services grew by 0,6%, pushed higher by financial intermediation, auxiliary activities, real estate, and business services.
Manufacturing edged higher by 0,2%, lifted mainly by growth in transport equipment, food & beverages and wood, paper, publishing & printing.
“On the downside, trade, agriculture, construction, and government were weaker, while agriculture, forestry and fishing had a notably tough quarter, shrinking by 9,7%. Decreased economic activities were reported for wholesale trade, retail trade, motor trade, accommodation and food and beverages,” explained Maluleke.
