South Africa’s economy grew by 0.6% in the fourth quarter of 2024, after experiencing a slight contraction in the previous quarter. Growth figures fell short of forecasts but were sufficient to stave off recession. Agriculture, finance, and trade sectors contributed positively to this growth, bringing the annual GDP increase to 0.6%.
The South African economy demonstrated resilience by growing by 0.6% in the fourth quarter of 2024, bouncing back from a revised contraction of 0.1% in the preceding quarter. Although this growth figure did not meet the anticipated 0.9% forecast, it was sufficient to avert a recession in the nation. Positive contributions to growth were noted in three sectors: agriculture, finance, and trade. In year-over-year comparisons, the GDP increased by 0.9% in Q4, succeeding a revised rise of 0.4% in the prior period. For the entire year of 2024, the economy expanded by 0.6%, following a revised growth rate of 0.7% in 2023.
In summary, South Africa’s economy has managed to avoid a recession by achieving a modest growth of 0.6% in the fourth quarter of 2024, despite not meeting projected expectations. With positive contributions from agriculture, finance, and trade, the overall growth for the year stands at 0.6%, reflecting a cautious but positive trajectory for the economy.
Original Source: www.tradingview.com
