South Africa’s GDP increased by 0.6% in the fourth quarter of 2024, following a decrease of 0.1% in the third quarter of the year.

The agriculture, forestry and fishing industry increased by 17.2%, contributing 0.4 of a percentage point to the positive GDP growth. This was primarily owing to increased economic activities reported for field crops and animal products.

The finance, real estate and business services industry increased by 1.1%, contributing 0.3 of a percentage point. Increased economic activities were reported for financial intermediation, real estate activities and other business services.

The trade, catering and accommodation industry increased by 1.4%, contributing 0.2 of a percentage point. Increased economic activities were reported for wholesale trade, retail trade and motor trade.

The transport, storage and communication industry decreased by 1%, contributing -0.1 of a percentage point. Decreased economic activities were reported for land transport and transport support services.

The manufacturing industry decreased by 0.6%, contributing -0.1 of a percentage point. Six of the ten manufacturing divisions reported negative growth rates. The largest negative contributions were reported for the basic iron and steel, non-ferrous metal products, metal products and machinery division and the motor vehicles, parts and accessories and other transport equipment division.

General government services decreased by 0.5%. This was mainly owing to decreased employment in national and provincial government and extra-budgetary institutions.

The electricity, gas and water industry decreased by 1.4%. This was largely owing to decreases in electricity production and consumption.

The mining and quarrying industry decreased by 0.2%. Decreased economic activities were reported for manganese ore and iron-ore.

Meanwhile, real GDP for the full 2024 increased by 0.6%, following an increase of 0.7% in 2023, with the growth primarily led by higher economic activities in finance, real estate and business services; personal services; and electricity, gas and water.

The agriculture; construction; trade; transport; manufacturing; and general government services industries recorded negative growth in 2024.