GDP figures | Economy grows a meagre 0.1% in Q4

Source: eNCAnews

JOHANNESBURG - South Africa's economy grew slower than expected in the fourth quarter of 2023.

Most economists were expecting a rate closer to one percent, but the latest numbers show only an 0.1 percent in the fourth quarter.

The biggest contributor to the minimal growth was increased economic activity in transport support services and communications. These sectors increased by 2.9 percent.

READ: FINANCIAL EXPERT REACTS AS GDP DECREASES BY 0.2% IN Q3

Mining was up 2.4 percent indicating an increase in production and sales in the fourth quarter.

Meanwhile, agriculture, forestry and fishing decreased by 9.7 percent in the same period.

This was primarily due to decreased economic activities reported for field crops, animal products and the impact of extreme weather patterns.