Marginal growth sees SA economy escape recession
The South African economy grew by 0.1% in the fourth quarter of 2023, Statistic SA announced on Tuesday.
Stats SA released the GDP figures for the period between October and December, saying the marginal GDP growth has seen South Africa avoid slipping into a technical recession.
Stats SA's Bokang Vumbukani-Lepolesa says the actual gross domestic product in the fourth quarter was R1.158 billion.
"Performance in the fourth quarter of 2023 was mix bag, where six of the ten industries recorded positive growth.
"The transport, storage and communication industry drove much of the upward momentum, expanding by 2.9% and contributing 0.2% percentage point for GDP growth.”
Lepolesa says electricity, gas and water scored a second consecutive quarter of positive growth, expanding by 2,3%.
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