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GDP decreased by 0.1% in the first quarter

A farm in South Africa

Photo by Creamer Media

4th June 2024

By: Creamer Media Reporter

     

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South Africa’s GDP decreased by 0.1% in the first quarter of this year, Statistics South Africa reports.

The manufacturing industry decreased by 1.4% in the first quarter, contributing -0.2 of a percentage point to the negative GDP growth. Five of the ten manufacturing divisions reported negative growth rates in the first quarter.

The motor vehicles, parts and accessories and other transport equipment division and the basic iron and steel, non-ferrous metal products, metal products and machinery division made the largest negative contributions to the decrease in the first quarter.

The mining and quarrying industry decreased by 2.3% in the first quarter, contributing -0.1 of a percentage point. Decreased economic activities were reported for platinum group metals, coal, gold and manganese ore.

The construction industry decreased by 3.1% in the first quarter, contributing -0.1 of a percentage point. Decreases were reported for residential buildings and construction works.

The agriculture, forestry and fishing industry increased by 13.5% in the first quarter of 2024, contributing 0.3 of a percentage point. This was primarily owing to increased economic activities reported for horticulture products.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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