South African government has welcomed latest Gross Domestic Product (GDP) data, which shows 0.6% growth in the fourth quarter of 2024.
This growth follows 0.1% contraction in the third quarter and driven primarily by agriculture, finance, and trade sectors, including household spending .
According to Statistics South Africa, agriculture, forestry, and fishing industry saw significant 17.2% increase, contributing 0.4 of percentage point to positive GDP growth.
The finance, real estate, and business services industry also grew by 1.1%, contributing 0.3 of a percentage point .
Government Communication and Information System Acting Director-General, Terry Vandayar, hailed latest GDP data as “encouraging” and sign of “welcome recovery.”
Vandayar emphasised that government immediate priority is to ensure positive economic growth, which will encourage business development and provide more employment opportunities, especially for women and the youth .
The government has implemented various programs and policies to support small business growth, develop infrastructure for faster economic growth, and encourage investment from within and outside South Africa.
Vandayar assured government will continue to work with stakeholders to build on this momentum and drive greater economic resilience.
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