Statistics South Africa (Stats SA) released their quarterly report on the state of the country’s economy.
The report shows that the real gross domestic product (GDP) contracted by 0.1% in the first quarter of 2024. The decrease follows a revised 0.3% increase in the fourth quarter of 2023.
“Weaker manufacturing, mining and construction drove much of the downward momentum on the production (supply) side of the economy, while the expenditure (demand) side witnessed a decline across all components,” according to Stats SA.
Agriculture was the largest positive contributor in the first quarter. “The industry expanded by 13.5%, spurred on mainly by a buoyant horticulture sector that recorded a rise in the production of fruit. Other positive contributors include maize and animal products,” said Stats SA.
Compiled by Warren Hawkins
