GDP decreased by 0,2% in the third quarter of 2023
5 December 2023
South Africa’s gross domestic product (GDP) decreased by 0,2% in the third quarter of 2023. The agriculture, forestry and fishing industry decreased by 9,6% in the third quarter of 2023, contributing -0,3 of a percentage point to the negative GDP growth. This was primarily due to decreased economic activities reported for field crops, animal products and horticulture products.
The manufacturing industry decreased by 1,3% in the third quarter, contributing -0,1 of a percentage point. Eight of the ten manufacturing divisions reported negative growth rates in the third quarter. The food, beverages and tobacco division made the largest contribution to the decrease in the third quarter. The petroleum, chemical products, rubber and plastic products division and the basic iron and steel, non-ferrous metal products, metal products and machinery division also made significant contributions to the contraction in this industry. The construction industry decreased by 2,8% in the third quarter, contributing -0,1 of a percentage point. Decreases were reported for residential buildings, non-residential buildings and construction works. The mining and quarrying industry decreased by 1,1% in the third quarter.
Decreased economic activities were reported for platinum group metals (PGMs), gold, other metallic minerals and manganese ore. The trade, catering and accommodation industry decreased by 0,2% in the third quarter. Decreased economic activities were reported for wholesale trade, motor trade and food and beverages.
Unless otherwise specified, growth rates are quarter-on-quarter and seasonally adjusted. All growth rates are calculated on the basis of series at constant prices. The GDP estimates are preliminary and may be revised. 2 Expenditure on GDP2 Expenditure on real GDP decreased by 0,1% in the third quarter of 2023. Household final consumption expenditure decreased by 0,3% in the third quarter, contributing -0,2 of a percentage point to the total negative growth.