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Financial News: South African GDP Rebounds 0.1% In Q4

South African GDP Rebounds 0.1% In Q4

03/05/2024 - 06:46:00 (RTTNews)

(RTTNews) - The South African economy expanded less-than-expected in the fourth quarter after contracting in the previous quarter, data from Statistics South Africa showed on Tuesday.

In real terms, gross domestic product rose slightly by 0.1 percent sequentially, reversing a 0.2 percent decline in the third quarter. Economists had expected a 0.3 percent increase.

Six industries recorded positive growth compared to the previous quarter. The transport, storage, and communication industries increased by 2.9 percent, and the finance industry saw growth of 0.6 percent.

On the expenditure side, household final consumption rose 0.2 percent, while government consumption was 0.3 percent lower in comparison with the previous quarter.

Gross fixed capital formation declined 0.2 percent over the quarter. Exports rose only 0.6 percent, while imports showed a comparatively faster increase of 4.0 percent.

On a yearly basis, GDP expanded 1.2 percent, in contrast to a 0.7 percent increase in the third quarter. The expected recovery was 0.9 percent.

During the year 2023, overall GDP growth was 0.6 percent, slower than the 1.9 percent expansion in 2022.

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