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South Africa’s gross domestic product (GDP) decreased by 0.3% in the third quarter of 2024, following an increase of 0.3% in the second quarter.
Statistics South Africa said the agriculture, forestry and fishing industry decreased by 28.8%, contributing -0.7 of a percentage point to the negative GDP growth.
“This was primarily due to decreased economic activities reported for field crops,” said Stats SA in a statement on Wednesday.
It said the transport, storage and communication industry decreased by 1.6%, contributing -0.1 of a percentage point. Decreased economic activities were reported for land transport and transport support services.
“The trade, catering and accommodation industries decreased by 0.4%. Decreased economic activities were reported for wholesale trade, motor trade and food and beverages.
“General government services decreased by 0.1%, mainly due to decreased employment in national and provincial government and extra-budgetary institutions”.
???? #ZAeconomy || South Africa’s economy contracted by 0,3% in Q3:2024.
— Stats SA (@StatsSA) December 3, 2024
#StatsSA #ZAGDP #GovZAupdates pic.twitter.com/5meM01bheB
Statistics South Africa said the finance, real estate and business services industry increased by 1.3%, contributing 0.3 of a percentage point. Increased economic activities were reported for financial intermediation, insurance and pension funding, auxiliary activities, real estate activities and other business services.
The personal services industry increased by 0.5%, contributing 0.1 of a percentage point. Increased economic activities were reported for health and education.
The manufacturing industry increased by 0.5%, contributing 0.1 of a percentage point. Three of the ten manufacturing divisions reported positive growth rates.
The largest positive contribution was reported for the basic iron and steel, non-ferrous metal products, metal products and machinery division.
The mining and quarrying industry increased by 1.2%, contributing 01 of a percentage point. Increased economic activities were reported for manganese and chromium ore.
(Source: Stats SA)
