Minister Ntshavheni welcomes 0.4% GDP growth

Wednesday, June 7, 2023

Minister in the Presidency, Khumbudzo Ntshavheni, says South Africans should draw inspiration from the 0.4 percent increase in gross domestic product (GDP) in the first quarter of 2023, which shows that the country is able to make a dent in the economic difficulties it faces. 

According to Tuesday’s Quarterly Labour Force Survey released by Statistics South Africa (Stats SA), in the first three months of 2023 there was an increase of 258 000 - to 16.2 million - in the number of employed people.

Welcoming the growth, the Minister said the positive GDP indicators and the recently published Quarterly Labour Force Survey results for the same quarter serve as encouragement that the country is making progress in line with the Economic Reconstruction and Recovery Plan. 

Stats SA figures show that eight industries recorded growth from January to March 2023, with strong contributions from manufacturing, finance, personal services, transport and trade. 

Within the manufacturing sector, food and beverages accounted for the single largest contribution to the growth in economic output in the quarter under review. Increased economic activities were reported for wholesale trade, retail trade and catering and accommodation. 

“Today’s growth indicators and the recent Quarterly Labour Force Survey show that while the challenges we face in our economy are serious, we have been able to avoid a downturn in our economic output. 

“The gains we have seen across a number of sectors tell us that we are rebuilding our economy and that we must keep working together as a nation to build on the growth we are experiencing. As we do so, we cannot rest on our laurels, but neither can we let hopelessness and pessimism overwhelm our ability to turn things around,” Ntshavheni said. –