DStv Channel 403 Tuesday, 05 November 2024

GDP contracts in first quarter of 2024

JOHANNESBURG - Growth in South Africa remains lacklustre.

The gross domestic product or GDP decreased by 0.1 percent in the first quarter of this year.

The manufacturing industry decreased by 1.4 percent  in the first quarter.

The motor vehicles, parts and accessories and other transport equipment division made the largest negative contributions to the decrease.

Mining also reported negative growth in the period with a decrease of 2.3 percent.

There was decreased production and sales for platinum group metals, coal, gold and manganese ore.

The construction industry also decreased by 3.1 percent due to lower demand for construction projects in the residential space.

But as expected, agriculture recorded significant growth in the period.

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