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Political parties were quick to respond to the “anaemic” GDP figures released on Tuesday by Statistics South Africa.
The latest data shows that after contracting by 0.1% in the third quarter of 2024, fourth quarter gross domestic product expanded by 0.6%.
Stats SA said this was led by the agricultural, financial and trade sectors on the supply-side of the economy, while household spending led growth on the demand, or expenditure, side.
Annually, the GDP grew by 0.6% in 2024 compared with 2023.
“Agriculture had the most significant positive impact on GDP growth on the supply side of the economy.
“Following a sharp decline in the third quarter, the industry rebounded by 17.2%, lifting GDP growth by 0.4 of a percentage point.
“This was mainly due to a rise in the production of field crops and animal products,” Stats SA said in its latest report.
It said seven industries performed poorly, with manufacturing and transport, storage & communication the most significant negative contributors to growth.
Stats SA said manufacturing was mainly pulled lower by weaker production levels in the metals and machinery and automotive divisions.
It said transport, storage and communication recorded a fourth consecutive quarter of decline with the industry witnessing a pullback in land transport and transport support services.
???? #???????????????????????????????????? || South Africa’s economy grew by 0,6% in Q4:2024.
— Statistics South Africa (Stats SA) (@StatsSA) March 4, 2025
#StatsSA #ZAGDP #GovZAUpdates pic.twitter.com/jxTXl2vBvV
“Mining activity was down on weaker production levels for manganese ore, iron ore, gold, chromium ore, nickel and copper.
“Coal and platinum group metals were positive, but not enough to keep the industry above water,” Stats SA said.
Commenting, the DA said the “anaemic” GDP growth figure strengthens their call for a pro-growth budget next week from the Finance Minister, Enoch Godongwana.
The party’s spokesperson on Finance, Dr Mark Burke, said they expect the GNU to agree to growth-focused economic reforms and a full spending review.
“Without these, South Africa has no economic future,” Burke said.
Meanwhile, ActionSA said the "so-called" government of national unity has become an enabler of the ANC's economic failures.
MP, Alan Beesley said the latest GDP figures confirm what all South Africans already know, that the economy is stagnant, unemployment remains unacceptably high, and poverty and inequality persist.
He said if the GNU partners are serious about fixing South Africa, they must break, what he says, is the ANC's addiction to failed economic ideologies and demand real reform.
“Without urgent intervention to revive key industries, attract investment, and stimulate job creation, South Africa will remain trapped in a cycle of economic stagnation.
“ActionSA calls on GNU partners to stop enabling the ANC’s failed policies and instead demand a break from its destructive economic ideology.
“This requires an immediate overhaul of economic policy, including tax reform, pro-growth industrial policy, and regulatory certainty to restore investor confidence and ensure long-term recovery,” Beesley said.
