The South African economy grew by a marginal 0.1% in the Q4 2023, taking the annual growth rate for last year to 0.6%, according to StatsSA.
The real gross domestic product in the Q4 2023 was R1.158 billion which was above the pre-Covid-19 reading of R1.150 billion. However, the Q4 2023 level is still below the peak of R1.161 billion recorded in Q3 2022.
Six industries kept the South African economy in the green for Q4 2023. The transport, storage and communication industry made the biggest positive impact.
These three industries expanded by 2.9% and contributed 0.2% to the growth of the GDP. According to StatsSA, there was increased activity for all transport services across the industry.
Mining production was up by 2.4% and was pushed higher by stronger production figures for platinum group metals, chromium, ore, coal and diamonds. However, the heavyweights of iron ore and gold were down in Q4 2023.
Electricity, gas and water had a second consecutive quarter of positive growth and expanded by 2.3%. South Africa experienced fewer days of load shedding in Q4 2023 in comparison to Q3.
During Q4 2023, South Africans experienced 63 days of load shedding which was lower than Q3 which was 91 days. The rise in electricity production and consumption reflected positively in the GDP numbers.
Manufacturing was higher by 0.2%, lifted by growth in transport equipment, food and beverages, wood, paper, publishing and printing.
Trade, agriculture, construction and government were weaker. Agriculture, forestry and fishing has a tough quarter, shrinking by 9.7%.
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