Government welcomes slight increase in GDP

5 March 2024

Government welcomes the release of the latest Gross Domestic Product (GDP) figures by Statistics South Africa, which show a slight growth of 0.1% in the fourth quarter of 2023, reflecting resilience and gradual economic recovery amidst ongoing challenges. 

Real GDP in the fourth quarter reached R1 158 billion, marking continuous improvement from the pre-COVID-19 level of R1 150 billion though still below the peak recorded in the third quarter of 2022. The increase, though slight, signifies continued progress in the country’s economic recovery. It signifies the resilience of our economy and the positive impact of government interventions. 

The Minister in The Presidency, Khumbudzo Ntshavheni said: “This growth is particularly encouraging as it surpasses pre-pandemic levels. This indicates a resilient economy showing signs of recovery, and bettering previous strength. We are particularly pleased to see the transport, storage, and communication industries leading the growth. This modest uptick in GDP is a testament to the concerted efforts of various sectors and stakeholders in navigating the complexities that were posed by the COVID-19 pandemic and other domestic and global challenges”. 

The modest growth signifies a positive turning point. The Government remains committed to implementing policies that foster a conducive environment for further economic expansion, and to continue to invest in infrastructure development, support small businesses, and create an environment that attracts investment. 

Working together, we can build a stronger and more inclusive South African economy for all. 

Issued by Nomonde Mnukwa, Acting Government Spokesperson, 5 March 2024