DStv Channel 403 Monday, 13 January 2025

South Africa's GDP contracts in Q1 OF 2024

JOHANNESBURG - Growth in South Africa remains lackluster.

The gross domestic product or GDP decreased by 0-point-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 two-point-three-percent.

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

The construction industry also decreased by 3-point-1 percent  due to lower demand for construction projects in the residential space.

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

eNCA'sRofhiwa Mazdena spoke to Stanlib's Chief Economist, Kevin Lings.

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