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South Africa’s economy grew by a marginal 0.1% in the fourth quarter, taking the annual growth rate for 2023 to 0.6%, reportedly averting a technical recession.
Real gross domestic product in the fourth quarter was R1.158 bn.
Statistics South Africa says this figure is above the pre-COVID-19 reading of R1.150 bn.
However, it was still below the peak of R1.161 billion recorded in the third quarter of 2022.
Stats SA said six of the ten industries kept the country's economy in the green, with the transport, storage, and communication industries making the biggest positive impact on GDP.
Mining activity was up 2.4%, pushed higher by stronger production figures for platinum group metals, chromium ore, coal, and diamonds.
“The transport, storage, and communication industry made the biggest positive impact, expanding by 2.9% and contributing 0.2 of a percentage point to the GDP growth.
“Increased economic activity was reported for all transport services across the industry,” Stats SA said.
On the flipside, the heavyweights of iron ore and gold were down in the fourth quarter, while electricity, gas, and water scored a second consecutive quarter of positive growth, expanding by 2.3%.
"The country experienced fewer days of load shedding in the fourth quarter (63 days) compared with the third quarter (91 days), with the rise in electricity production and consumption reflecting positively in the GDP numbers.
"The personal services industry was up on the back of stronger growth in healthcare and education.
"Finance, real estate, and business services grew by 0.6%, pushed higher by financial intermediation, auxiliary activities, real estate, and business services," Stats SA said.
The manufacturing sector edged higher by 0.2%, while, on the downside, trade, agriculture, construction and government sectors were weaker.
"Agriculture, forestry, and fishing had a notably tough quarter, shrinking by 9.7%. This was on the back of weaker production figures for field crops, horticulture products, and animal products."
