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Economic growth decreases in Q3
The Citizen
|December 04, 2024
GDP SHOCK: STAGNATION DESPITE POSITIVE SIGNS
South Africa's gross domestic product (GDP) decreased in the third quarter (Q3) despite positive signs of economic growth that led economists to expect the economy to grow by up to 0.5%.
South Africa's GDP decreased by 0.3% in Q3 of 2024, after increasing by 0.3% in the second quarter (Q2) of the year, mainly driven by the agriculture, forestry and fishing industry decreasing by 28.8%.
Economists expected GDP to increase by between 0.2% and 0.5%.
According to Statistics SA, the transport, storage and communication industry decreased by 1.6%, while decreased economic activities were also reported for land transport and transport support services.
The trade, catering and accommodation industry decreased by 0.4%, with decreased economic activities reported for wholesale trade, motor trade and food and beverages.
This story is from the December 04, 2024 edition of The Citizen.
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