Government welcomes slight GDP growth

Wednesday, March 6, 2024

Government has welcomed the release of the latest Gross Domestic Product (GDP) figures by Statistics South Africa, which show a slight growth of 0.1% in the fourth quarter of 2023.

“This growth is particularly encouraging as it surpasses pre-pandemic levels. This indicates a resilient economy showing signs of recovery, and bettering previous strength,” Minister in the Presidency, Khumbudzo Ntshavheni, said on Wednesday.

In the fourth quarter, real GDP reached R1 158 billion, marking continuous improvement from the pre-COVID-19 level of R1 150 billion, although still below the peak recorded in the third quarter of 2022.

READ | GDP increases by 0.1% in the fourth quarter of 2023

“The increase, though slight, signifies continued progress in the country’s economic recovery. It signifies the resilience of our economy and the positive impact of government interventions. We are particularly pleased to see the transport, storage and communication industries leading the growth.

“This modest uptick in GDP is testament to the concerted efforts of various sectors and stakeholders in navigating the complexities that were posed by the COVID-19 pandemic and other domestic and global challenges,” Ntshavheni said.

The Government Communication and Information System (GCIS) said the modest growth signifies a positive turning point.

“Government remains committed to implementing policies that foster a conducive environment for further economic expansion, and to continue to invest in infrastructure development, support small businesses, and create an environment that attracts investment. Working together, we can build a stronger and more inclusive South African economy for all,” GCIS said. –