Phuti Mosomane
South Africa’s gross domestic product (GDP) decreased by 0,1% in the first quarter of 2024, according to Stats SA. The decline has been fueled by the manufacturing sector which has decreased by 1,4% in Q1 of 2024, contributing -0,2 of a percentage point to the negative GDP growth.
Five of the ten manufacturing divisions reported negative growth rates in the first quarter.
The motor vehicles, parts and accessories and other transport equipment division and the basic iron and steel, non-ferrous metal products, metal products and machinery division made the largest negative contributions to the decrease in the first quarter.
The mining and quarrying industry decreased by 2,3% in the first quarter, contributing -0,1 of a percentage point. Decreased economic activities were reported for platinum group metals (PGMs), coal, gold and manganese ore.
The construction industry decreased by 3,1% in the first quarter, contributing -0,1 of a percentage point.
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