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The Gross Domestic Product (GDP) measured by production shows that the country’s GDP increased by 0.6% in the fourth quarter of 2024.

Although slightly weaker than expected, it shows economic growth across industries and various sectors. Backed by the recently reported decline in the unemployment rate, UASA welcomes the recorded progress in the country’s GDP and the employment crisis.

While several hiccups persist, including load shedding, water challenges, service delivery challenges, and a high unemployment rate, our economy remains steadfast, offering growth and development opportunities that benefit workers.

The agriculture, forestry, fishing, finance, real estate, business services, trade, catering and accommodation sectors mainly contributed to the GDP growth in the last quarter. 

Expenditure on GDP increased by 0.6% in 2024, while household final consumption expenditure increased by 1.0%, contributing 0.7%.

The electricity, gas, and water industries declined by 1.4% due to decreased production and consumption. In addition to other challenges like climate change and natural disasters, UASA is concerned that these disruptions might hinder economic aspects such as energy development and transition.

Following a few recorded economic recovery indicators, including a decline in the unemployment rate, an inflation rate within the SA Reserve Bank target band of 3-6%, GDP growth, and now an expected decrease in the fuel price from midnight, UASA believes that with proper turnaround strategies, the economy can recover.

We hope the National Budget Speech, which Minister of Finance Enoch Godongwana is expected to deliver next week, will bring about viable solutions and well-thought-out, workable plans for the economic year.

Issued by Abigail Moyo, spokesperson of the trade union UASA