TRANSPORTATION was one of the industries that boosted the economy of Mzansi.
This was reported by the statistician-general Risenga Maluleke as he gave an update on the real gross domestic product (GDP) in the fourth quarter of 2023/2024 during a media briefing in Tshwane on Tuesday, 5 March.
He said South Africa’s economy grew by a marginal 0,1% between October and December, taking the annual growth rate for 2023 to 0,6%.
Maluleke said performance in the fourth quarter was a "mixed bag".
“Six of the 10 industries kept the economy in the green. The transport, storage and communication industry made the biggest positive impact, expanding by 2,9% and contributing 0,2 of a percentage point to the GDP growth. Increased economic activity was reported for all transport services across the industry,” he said.
The gross domestic product (GDP) in the fourth quarter was R1 158 billion.
According to Maluleke, this is above the pre-Covid-19 reading of R1 150 billion, but still below the peak of R1 161 billion recorded in the third quarter of 2022,” he said.
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Also boosting was the mining activity with up to 2,4% increase, contributing to 0,1 of the percentage point.
“Increased economic activity were reported for platinum group metals, chromium ore, coal and diamonds. On the flipside, the heavyweights of iron ore and gold were down in the fourth quarter,” he said.
Maluleke said that the finance, real estate & business services industry was the main star in 2023, growing by 1,8% and contributing 0,4 of a percentage point to the GDP growth.
Meanwhile, the main negative contributors to the GDB were expenditures of housing, water, electricity, gas and other fuel, fuel and non-alcoholic beverages, clothing and footwear, and restaurants and hotels.
On the downside, he said trade, agriculture, construction and government were weaker.
“Agriculture, forestry & fishing had a notably tough quarter, shrinking by 9,7%. This was on the back of weaker production figures for field crops, most notably grain sorghum, hay, wheat sugarcane.
“And chicory root, horticulture products most notably, viticulture and citrus fruits and animal products most notably, slaughtered pigs, poultry and eggs,” Maluleke said.
