Stats SA
South Africa's gross domestic product declined by 1.3% in the fourth quarter of 2022, in spite of a third-quarter rally.
Statistics South Africa says GDP was dragged lower, mainly by finance, trade, mining, agriculture, manufacturing, and general government services.
Seven of the ten industries contracted in the fourth quarter, with the finance, real estate & business services industry shrinking by 2.3%.
Stats SA said as these sectors are the largest in the South African economy, the decrease was the biggest factor behind the decline in GDP, reducing GDP growth by 0.6 of a percentage point.
Several economic sectors showed modest growth of 0.7% and these included transport, storage, and communication.
The trade, catering & accommodation industry was the second largest negative contributor to growth, recording a contraction of 2.1%. This was mainly due to a decline in wholesale trade.
Mining output was dragged lower by a decline in the production of diamonds, iron ore, and platinum group metals (PGMs).
“On the positive side, transport, storage and communication, construction, and personal services were the bright spots in the fourth quarter. Transport, storage, and communication made the largest positive impact, rising by 0.7% and contributing 0.1 of a percentage point to growth.”
"This was mainly due to increased economic activity in passenger land transport, air transport, and communication services."
