20.04.2025
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SA’s economy grows 0.6% in Q4, driven by agriculture, trade

3 mins



  • Deputy Director General of Economic Statistics Joe de Beer and a colleague goes through the GDP data at a briefing.

2 minutes

The South African economy grew by 0.6% in the fourth quarter of last year from a 0.1% contraction in the third quarter of 2024.

Data released by Statistics South Africa shows that the agriculture sector contributed significantly to economic growth in the quarter, followed by finance, real estate and trade.

The agriculture, forestry and fishing industry was the main contributor to the positive growth, increasing by 17.2% and contributing 0.4 of a percentage point.

Gross Domestic Product came in lower than analysts’ expectations, with the data showing that the country’s economy grew by 0.6% for 2024 as a whole, down from 0.7%  in 2023.

South Africa’s GDP grew by 0,6% in the fourth quarter of 2024

The annual increase was 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 all recorded negative growth in 2024.

Expenditure on GDP increased by 0,6% in 2024, following an increase of 0,7% in 2023.

Household final consumption expenditure increased by 1%, with the main positive contributions being food and non-alcoholic beverages.

Gross fixed capital formation, representing investments in fixed assets, decreased by 3.7%.

Economists say the level of growth recorded in 2024 is still too low to make a meaningful contribution to solving the country’s socioeconomic challenges.

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