Government will expand the Jobs Boost Outcomes Fund from R300 million to R1 billion after a pilot programme exceeded its employment targets and demonstrated that outcomes-based funding can help young people secure and retain jobs.

The announcement was made on Friday during a briefing on the fourth-quarter performance of the Presidential Youth Employment Intervention (PYEI), in which officials outlined progress in tackling youth unemployment during the final quarter of the 2025/26 financial year.

Deputy Minister in the Presidency Nonceba Mhlauli said the Jobs Boost Outcomes Fund pilot, which concluded at the end of March, had become one of the most successful initiatives under the PYEI.

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The fund was launched as a R300 million pay-for-performance programme designed to incentivise organisations to place young people in jobs and ensure they remain employed. Under the model, implementing partners receive only a portion of their funding upfront, with the remaining 80% paid only after employment outcomes are independently verified.

Mhlauli said the programme exceeded expectations across all key indicators.

“As of 30 March 2026, the pilot achieved extraordinary success,” she said.

According to the results, 9,174 young people were enrolled in the programme, reaching 110% of the enrolment target. A total of 7,044 job placements were secured, exceeding the original target by 54%.

The programme also recorded strong retention rates. Government has already verified that 5,211 participants remained employed for at least three months, while 3,795 sustained employment for six months. Final verification processes are still underway.

Mhlauli said one of the most significant findings was that the programme succeeded in reaching young people who are often excluded from economic opportunities.

“Most importantly, it proved that outcomes-based financing successfully supports the most disadvantaged, with youth from Quintile 1 schools achieving higher retention rates,” she said.

PYEI official Thulebona Mhlanga said the pilot had demonstrated that public funds could be linked directly to measurable employment outcomes rather than programme activities.

“The programme demonstrated the value of outcomes-based financing,” Mhlanga said.

She added that the initiative had also shown how partnerships between government, business and civil society could be used to create sustainable employment opportunities for young people.

The success of the pilot has prompted government to prepare a major expansion of the fund. Mhlauli said the new R1 billion programme is expected to deliver 20,000 quality job placements through a public-private partnership model.

Mhlanga said lessons learned during the pilot phase would be used to strengthen the expanded programme and improve its ability to connect young people to quality and sustainable employment opportunities.

The Jobs Boost Outcomes Fund forms part of the broader Presidential Youth Employment Intervention, launched by President Cyril Ramaphosa in 2020 to address South Africa’s youth unemployment crisis.

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The intervention coordinates programmes across government, the private sector and civil society to help young people move from education and training into employment, entrepreneurship and other income-generating opportunities.

According to the latest quarterly report, more than 5.9 million young people have registered on the SA Youth platform, while over 5.36 million are registered on the Employment Services of South Africa (ESSA) database.

Since the launch of the PYEI, more than 2.5 million earning opportunities have been accessed through SA Youth and a further 422,667 opportunities through ESSA.

During the January to March 2026 quarter alone, 155,161 earning opportunities were secured by young people through the intervention’s network. Of these, more than 135,000 were accessed through SA Youth, while over 20,000 were secured through ESSA.

The Youth Employment Service (YES), a private sector-led programme, placed 18,310 young people in workplace experience opportunities during the quarter. 

The Department of Higher Education and Training also facilitated 5,005 work-integrated learning placements for TVET college students and graduates, more than doubling the number achieved in the previous quarter.

Mhlauli said Phase 4 of the Revitalised National Youth Service recruited an additional 5,272 young people during the quarter, bringing the total number of paid community service opportunities created since the programme’s inception to 138,056.

Mhlauli said Phase 5 of the National Youth Service is set to recruit a further 100,000 young people across South Africa, providing them with paid community service opportunities and work experience.

Mhlauli said government’s focus in the 2026/27 financial year would be on scaling successful programmes, increasing quality work placements and expanding innovative approaches that connect young people to sustainable livelihoods.

“The success of this entire ecosystem relies heavily on coordinated, demand-led action driven by the Presidency’s Project Management Office, our national departments and our diverse implementation partners,” she said.

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South Africa’s inflation rate is expected to peak at about 5% in June before easing in the second half of the year, potentially allowing the South African Reserve Bank to pause its rate-hiking cycle at its July meeting, according to Nedbank.

This is the view of Nedbank in the wake of the release of the latest inflation figures.

Stats SA reported on Wednesday that annual consumer price inflation rose to 4.5% in May, from 4.0% in April, reaching its highest level since July 2024, when inflation was 4.6%.

The increase is due to high fuel prices which have been driven by higher oil prices because of the war between Iran and the United Sates, with Israel no longer directly involved.

Stats SA noted that transport costs surged from 4.9% year on year to 9.4% due to higher fuel prices.

Nedbank noted that over the month, fuel prices increased by 14.3% as the Strait of Hormuz blockade kept global oil prices high.

Consequently, fuel inflation jumped from 11.4% to 28.7%, the highest since October 2022. Inflation for private transport operations also surged from 9.7% to 21.8%.

It now all hinges on a peace deal that threatens to unravel before it’s signed on Friday in Geneva, with United States President Donald Trump’s signature already attached.

Iran has sought to force through conditions to cover Israel’s attacks on Lebanon, even as Israel has said it is not bound by the deal, while United States Defence Secretary Pete Hegseth has said the US will resume military operations if Iran does not comply.

Nedbank expects prices to remain high even when the Strait of Hormuz reopens as recovery lags by weeks, even months.

“We expect inflation to rise further to close to 5% in June, driven by higher fuel prices, before receding in the second half of the year. The moderation will reflect easing oil prices following the opening of the Strait of Hormuz and continued food disinflation,” said Nedbank.

“Given the improved inflation trajectory, we expect the South African Reserve Bank (SARB) to pause its rate hiking cycle in July.” 

A piece of good news from inflation figures is that food inflation is moderating as the spread of foot-and-mouth disease is easing, even as the minister responsible, the DA’s John Steenhuisen, will possibly be removed for apparently bungling the crisis.

“Encouragingly, food inflation continued to moderate, easing from 2.8% to a 14-month low of 1.6%,” said Nedbank. 

The bank said moderation was broad-based among the food categories. Most of the downward pressure came from meat. “Meat prices slowed from 9.4% year on year to 7.3%, reflecting progress in foot-and-mouth disease vaccinations and the impact of increased imports,” the bank said. Cereals, fruit, and vegetables benefited from good weather.

Housing and utilities inflation rose from 5,2% to 5,3%, driven by electricity costs, as an 8,76% Eskom tariff increase came into effect in April.

Core inflation, which excludes food and fuel, rose from 3.6% to 3.8%

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The City of Johannesburg and its power utility, City Power, have paid Eskom R1.2 billion towards their electricity debt, but still owe the power utility R5.28 billion, as Eskom extended its public consultation process by a further 30 days after saying public participation had slowed following ministerial intervention.

In a statement issued on Wednesday, Eskom said the City of Johannesburg and City Power initially owed R5.26 billion in arrears when the Promotion of Administrative Justice Act (PAJA) notice was issued in May.

However, the amount excluded a current account of R1.58 billion that became due on 5 June 2026.

Despite receiving R1.2 billion in payments since the notice was issued, Eskom said the June current account remains unpaid.

As of 11 June 2026, the metro’s total debt stood at R5.28 billion, made up of an overdue current account of R2.7 billion and R2.58 billion still outstanding under a court-ordered settlement arrangement.

The latest dispute follows a settlement agreement reached between Eskom and City Power last year following a long-running billing dispute worth about R3.2 billion.

The agreement, which was later made an order of the High Court on 7 November 2025, required the city to pay both its current electricity accounts and historical debt instalments according to a structured repayment plan.

“Therefore, Eskom will not sign another payment arrangement as the current arrangement remains enforceable,” the statement reads.

A task team comprising Eskom, the City of Johannesburg and City Power has been established to address the debt crisis.

However, Eskom stressed that the PAJA process, which could ultimately result in electricity supply interruptions at certain Johannesburg bulk supply points, remains active.

“The PAJA process remains an administrative consultation process that provides affected stakeholders and members of the public with an opportunity to make representations before Eskom reaches a final decision,” Eskom said.

According to the utility, public participation slowed after Electricity and Energy Minister Kgosientsho Ramokgopa announced that Eskom and City Power had reached an agreement in principle that could have suspended the process if City Power settled its account.

“However, City Power has failed to meet its payment obligations under the agreement, and Eskom will now proceed with the PAJA process,” Eskom said.

To ensure a fair administrative process, Eskom has extended the deadline for public comments and submissions to 17 July 2026.

The utility said it will consider all representations received before announcing its final decision on 24 July 2026.

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Tongaat Hulett has been pulled back from the brink of liquidation after its business rescue practitioners reached an agreement with the Industrial Development Corporation (IDC) and Vision Group to keep the 134-year-old sugar producer trading and proceed with its sale.

The agreement, reached on Wednesday, clears the way for the implementation of the company’s business rescue plan and the transfer of the company to Vision Group, while giving the debt-laden sugar producer access to further funding as the transaction is completed.

The business rescue practitioners withdrew their liquidation application in the Durban High Court after the agreement was concluded.

Under the deal, the IDC will extend post-commencement finance support to Tongaat Hulett until the end of September 2026 and convert its funding into equity as part of the rescue transaction. The IDC will become a significant shareholder in Vision operating companies across South Africa, Zimbabwe, Mozambique and Botswana.

Vision Group is expected to provide funding required to settle creditor claims, including obligations linked to the South African Sugar Association, and conclude new sale agreements for Tongaat Hulett’s South African operations and regional interests.

Tongaat Hulett has been in business rescue since 2022 after years of financial distress because of accounting irregularities. Its possible liquidation raised alarm across the sugar industry, with thousands of jobs, growers, suppliers and rural communities dependent on its mills and refinery.

SA Canegrowers welcomed the agreement, saying it removed the immediate threat of liquidation and brought relief to growers, workers and communities that rely on the company.

“This agreement is a significant milestone in securing the future of the modern South African sugar industry. With the liquidation of Tongaat Hulett off the table, we hope that its mills and refinery can now focus on operating without interruption. More than 17,500 supplying sugarcane growers rely on Tongaat,” SA Canegrowers chairman Higgins Mdluli said on Wednesday.

Tongaat Hulett operates three sugar mills and the country’s only standalone white sugar refinery, supplying sugar used in food and beverage manufacturing, including beverages, biscuits and confectionery.

The sugar industry supports more than one million livelihoods, from growers and mill workers to transporters, suppliers and manufacturers.

Tongaat Hulett’s mills had continued operating during the uncertainty, partly because of bridging finance provided by the IDC.

The growers’ body said the industry now needed to focus on longer-term stability, including the pressure placed on local producers by imported sugar.

“As a unified industry, we can also address other immediate challenges facing us, especially the still persistent flood of imported sugar into South Africa. Unfairly subsidised sugar from countries such as Brazil and Thailand is currently displacing locally produced sugar from retailers and food and beverage manufacturers. This affects growers and local millers alike – including Tongaat Hulett,” Mdluli said.

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The Bank of Japan raised interest rates to a 31-year high on Tuesday, ​marking another landmark step in normalising monetary policy as it focused on taming price pressures from the energy shock caused by the Iran war.

The hike ‌was the first since December and aligns the BOJ with other central banks shifting towards tighter policy to combat inflation, including the European Central Bank.

Deputy Governor Shinichi Uchida acknowledged the recent U.S.-Iranian peace deal, which he described as a “welcome move”, but noted persistent inflationary risks.

“Compared with the previous meeting, the risk of a sharp deterioration in the economy has diminished. On the other hand, price rises are broadening and there is a ​risk underlying inflation may deviate from our target,” Uchida said in a news conference he held on behalf of Governor Kazuo Ueda, who missed the meeting ​for medical treatment.

In a widely expected move, the BOJ decided to raise its short-term policy rate to 1% from 0.75%, taking borrowing costs ⁠to levels unseen since 1995.

In a statement announcing the decision, the BOJ said the risk of Japan’s economy deteriorating sharply from the Middle East conflict has diminished due to ​progress made in procuring alternative energy supplies.

The price outlook, on the other hand, warranted attention as companies were seen passing on rising oil costs to each other at a “relatively fast pace,” ​which could push up consumer prices across a wide range of items, it said.

“Taking into account that medium- and long-term inflation expectations have also continued to increase, there is a risk of underlying inflation deviating above our price target,” the BOJ said.

The decision was made by a 7-1 vote. Toichiro Asada, who joined the board in April as the first member to be hand-picked by dovish premier Sanae ​Takaichi, dissented on the view downside risks to growth from the Middle East conflict were bigger than inflation risks.

“If anything, the focus had been on whether a 50-bp rate hike ​would be proposed, but no such proposal was made. In terms of the future rate-hike path, this is positive for risk asset prices, as it suggests that a sharp rate hike is likely ‌to be ⁠avoided,” said Hirofumi Suzuki, chief FX strategist at SMBC.

“The BOJ is likely to continue raising rates at a gradual pace of around once every six months to one year,” he said.

The Nikkei 225 (.N225) jumped as much as 1% to set a fresh record high above 70,000 after the announcement. The yen rose briefly before sliding to 160.29 per dollar, teetering around the 160 line seen as heightening the chance of currency intervention.

The BOJ also decided to pause its bond taper programme from April next year and continue to buy roughly 2 trillion ​yen ($12.5 billion) in Japanese government bonds (JGB) per ​month.

It will discontinue its practice of conducting ⁠a review of its bond taper plan each year, but stand ready to amend the pace of purchases if necessary at future policy meetings.

The Middle East conflict has complicated the BOJ’s policy path by adding inflationary pressure through higher oil costs, while hurting ​an economy heavily reliant on imported fuel.

While the peace deal between the U.S. and Iran eased market fears over global inflationary pressures, wholesale ​inflation spiked to a ⁠3-year high of 6.3% in May in a sign companies were already passing on higher costs from the energy shock.

Analysts expect core consumer inflation to accelerate back above the BOJ’s 2% target later this year, after sliding below the level on government subsidies aimed at curbing utility bills.

A weak yen, which pushes up import prices and broader inflation, will also keep the BOJ under ⁠pressure to stay ​on course for further rate hikes, analysts say.

The BOJ’s hike comes amid a busy week for global ​central banks. The U.S. Federal Reserve is widely expected to hold its benchmark interest rate steady on Wednesday but officials have recently signaled their rising concern about inflation, which has led more in the market to now predict ​its next move as being a hike rather than a cut. — Reuters

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Global stocks and bonds rallied, while oil prices ⁠fell 5% after the U.S.-Iran deal eased inflation ​concerns, with the dollar near a 10-day low against a basket ​of currencies as demand for safe-haven assets waned.

Prices of South African exports rose, with gold up for a third straight session and platinum ​gaining more than 4%.

“The rand is likely to ​see some further strength, and other financial market indicators improve for South ‌Africa ⁠as well,” Investec chief economist Annabel Bishop said.

Separately, Statistics South Africa will release May inflation (ZACPIY=ECI), opens new tab data on Wednesday, with analysts polled by Reuters expecting it to accelerate ​to 4.7% year-on-year, ​from 4% ⁠in April.

Traders will also watch retail sales data (ZARET=ECI), opens new tab, due on Wednesday, for further clues ​on the health of Africa’s biggest economy.

On ​the ⁠Johannesburg Stock Exchange, the Top-40 index (.JTOPI), opens new tab rose more than 3%, led by strong gains in resources and mining stocks.

South ⁠Africa’s benchmark ​2035 government bond was stronger, ​as the yield fell 14.5 basis points to 8.36%.

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“This is a clear change of direction in our ratings trajectory after more than a decade of negative ratings news,” Duncan Pieterse wrote in an op-ed published on News24 Thursday.

“It could ultimately see South Africa regain its investment grade status — if it continues to do the right things on fiscal and economic policy.”

Fitch Ratings raised its credit assessment of South Africa on June 5 to BB, two notches below investment grade, delivering the upgrade before putting the rating on a positive outlook as it often does before taking such a step.

The move brought it in line with Moody’s Ratings and S&P Global Ratings, which also have the nation on a positive outlook — a significant marker of confidence against the backdrop of dimming global growth prospects and heightened inflation risks due to the Iran war.

“South Africa is only the second Group of 20 country to be upgraded by Fitch this year,” Pieterse said. “It is one of only two G20 countries on positive outlook at S&P and the only one at Moody’s.”

After years of weak economic growth, rising debt and deepening concern over crime, mismanagement and corruption — which saw South Africa’s credit rating downgraded to junk by all three agencies between 2017 and 2020 — investors have taken note.

While the rand has weakened slightly since the Middle East conflict began in late February, it remains about 9% stronger against the dollar versus a year ago.

The yield on the benchmark 10-year South African government bond are roughly 148 basis points lower.

In addition to improving public finances, South African assets have also benefited from the country’s removal from a dirty-money watch list and the adoption of a 3% inflation target by the central bank last year, whose announcement delivered a sharp drop in government bond yields.

Pieterse said that being two notches below investment grade means there is still a way to go, “but the momentum is now positive” and the government is committed to lifting economic growth and continuing to lower public debt.

South Africa’s coalition government, formed after the African National Congress lost its parliamentary majority in 2024 elections for the first time since 1994, has made economic growth a core goal under the leadership of President Cyril Ramaphosa.

Still, the future of the nation’s reform agenda, which has numerous critics in a country still blighted by inequality 30 years after the end of White-minority rule, will face questions in coming years.

South Africa next holds national elections in 2029.

But a municipal ballot in November could deliver further voter setbacks for the ANC that weakens Ramaphosa’s position at the head of the party — a post which he must relinquish anyway at the end of next year.

The development could weaken his influence over the succession process, raising questions about the durability of his reforms and even his ability to remain as president of the nation.

The ANC has forced its last two leaders to step aside as the head of state after relinquishing the party leadership position.

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The discussions add to efforts flagged by Ncube in April that the authorities are having with nations including the UK, Japan and Germany to raise $2.5 billion.

The southern African nation has been locked out of international capital markets since 1999 after defaulting on debt owed to lenders including the World Bank, the Paris Club and the AfDB, and is seeking to restructure about $23 billion of loans.

The AfDB’s Transition Support Facility is designed to help eligible countries clear their debt arrears and normalize relations with international creditors, according to Eyerusalem Fasika, the lender’s country director for Zimbabwe. The AfDB already approved a $4 million grant to Zimbabwe in May to support the arrears clearance process, she said.

“The AfDB remains Zimbabwe’s lead partner in the arrears clearance process and is playing a catalytic role in supporting the country’s re‑engagement with the international financial community,” Fasika said. “Clearing arrears is the gateway to unlocking the development financing the country urgently needs.”

Zimbabwe in February secured a staff-monitored program from the International Monetary Fund — a key step toward resolving its obligations. The fund is conducting its first review of the program under a mission team led by Wojciech Maliszewski, the Zimbabwean finance ministry said in a statement on X.

Ncube briefed the “delegation on recent economic developments and progress in mobilizing support for arrears clearance and bridge financing,” the ministry said.

“Government and the IMF reaffirmed their shared commitment to economic stability, fiscal discipline, transparency, arrears clearance, debt restructuring, and international re-engagement.”

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Eskom has launched a renewable-energy business aimed at supplying large industrial customers with low-carbon power.

This positions the state utility to compete for mining and manufacturing clients as South African exporters face growing pressure to cut the carbon footprint of goods sold into overseas markets.

The state-owned power utility said Eskom Green would accelerate the development of utility-scale renewable energy projects and support larger power users in meeting decarbonisation and energy-transition goals.

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The launch comes as carbon-content requirements, including the European Union’s Carbon Border Adjustment Mechanism, increase pressure on exporters in carbon-intensive sectors such as steel, aluminium, cement, fertilisers and other industrial products to account for embedded emissions.

Group Executive for Eskom Renewables, Rivoningo Mnisi, said: “Eskom Green is a utility-scale renewable energy business that rapidly accelerates the options available to South Africa’s industries to decarbonise and transition industrial and productive capacity to maintain export competitiveness.”

“The business is set to increase the supply of renewable energy to enable customers to lower the carbon footprint of their energy consumption.”

Eskom said the new business was designed after global benchmarking research on more than 20 utilities.

It said its research showed that renewable-energy development required agile decision-making, access to diverse sources of capital, partnership-based delivery models and bankable project structures.

It said these requirements differed significantly from Eskom’s legacy vertically integrated generation model.

Eskom Group Chief Executive Dan Marokane said the launch was not only about complying with carbon-content requirements, but also about delivering energy solutions at scale for customers implementing decarbonisation strategies.

“This new entity is built on decades of power generation skills and expertise which the nation has invested in, and Eskom Green reflects successful adaptation to new technologies within Eskom,” Marokane said.

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“We have been playing in this space for some time, and we are now putting a stake in the ground – this is a development that South Africa can be proud of.”

Eskom said Eskom Green formed part of its unbundling strategy and would be separated into a wholly owned subsidiary with an independent board, subject to governance, regulatory and shareholder approvals.

The country is reforming its electricity market and preparing for the South African Wholesale Electricity Market, which is expected to open the sector to more competitive trading arrangements.

Eskom said Eskom Green would seek to become customers’ primary energy provider by contracting directly with large users for their core renewable-energy requirements.

“The customer contracts with Eskom Green for its core renewable energy requirements, and Eskom Green takes responsibility for delivering against that requirement using its own renewable generation, supplemented by storage and firming arrangements that support around-the-clock supply where the customer needs it,” Eskom said.

“The pricing determination will be clear and transparent where the wholesale tariff is passed through to the customer at cost.”

Eskom said network charges, wheeling charges and regulated wholesale charges would be reflected separately from the energy price charged by Eskom Green, giving customers transparency on payments for energy and network use.

It said Eskom Green’s first phase would target large industrial demand in mining and manufacturing through Section 34 Integrated Resource Plan allocations and direct bilateral power purchase agreements.

A second phase would target the Eskom Distribution market, including customers on the network through the eDX Edge offering, as well as the South African Wholesale Electricity Market as it develops, the Southern African Power Pool, and municipalities.

“Under a take-or-pay structure, the customer commits to a fixed volume and pays the agreed price whether the energy is consumed or not, giving Eskom Green the firm revenue base that anchors Special Purpose Vehicles (SPVs),” Eskom said.

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“As the Eskom Green portfolio scales, aggregation, ancillary services, and wholesale market participation will be added to the service offering.”

Eskom Green will focus mainly on solar photovoltaic projects, supported by battery energy storage systems, pumped storage and wind energy, from which it expects to achieve a 2GW operational goal.

The utility said that since the 2019 Integrated Resource Plan, only about half of awarded renewable projects with grid allocation and power offtake agreements had been built.

Eskom said this highlighted the need for better coordination to ensure energy security while meeting emissions-reduction targets, and showed the market demand for large-scale decarbonisation solutions.

It said Eskom Green’s entry into the market would be collaborative and complementary, working alongside private-sector players to help bridge the generation-capacity gap outlined in IRP 2025.

The utility said Eskom Green would have about 6GW of carbon-free electricity available up to 2030, supported by its pipeline of renewable-energy and storage projects.

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The economy grew by 0.5% in the first quarter of 2026, extending its recovery from a 0.4% expansion in the previous quarter, Statistics South Africa said on Tuesday.

The finance, real estate, and business services sector was the biggest contributor to growth, expanding by 0.9% and adding 0.2 percentage points to GDP.

Stats SA said increased activity was recorded in financial intermediation and auxiliary activities.

Agriculture, forestry, and fishing grew by 3.9%, adding 0.1 percentage points, mainly due to stronger field crops and horticulture.

Trade, catering, and accommodation rose by 0.7%, supported by wholesale trade, motor trade, food and beverages, and accommodation.

Transport, storage, and communication also grew by 0.7%, with Stats SA saying “increased economic activities were reported for land transport, air transport and transport support services”.

Manufacturing remained a drag on output, contracting by 0.8% and subtracting 0.1 percentage points from GDP. Five of the 10 manufacturing divisions recorded negative growth, led by petroleum and chemicals, basic iron and steel, and wood, paper, publishing, and printing.

On the expenditure side, real GDP also increased by 0.5%, after a 0.3% rise in the fourth quarter of 2025.

Household final consumption expenditure rose by just 0.1%, while government consumption increased by 0.6%.

Gross fixed capital formation fell by 1.1%, subtracting 0.2 percentage points from growth, mainly because of lower investment in machinery and other equipment, residential buildings and other assets.

Stats SA said there was a “R22,4 billion drawdown of inventories”, with large decreases in manufacturing and trade, catering and accommodation contributing to the decline.

Net exports supported growth, contributing 0.9 percentage points to GDP expenditure.

Exports rose by 0.5%, while imports fell by 2.6%, mainly because of weaker trade in precious metals, mineral products, machinery and electrical equipment, textiles, and animal and vegetable fats and oils.

Stats SA said the GDP estimates were preliminary and could be revised.

It also said it was working with the South African Reserve Bank to change the base year for national accounts estimates to 2022, with rebased and benchmarked figures expected later in 2026.

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