South Africa’s economy grew by 0.6% in Q4 2024, overcoming a contraction in the prior quarter and avoiding recession. Key sectors contributing to growth included agriculture, finance, and trade, with a yearly GDP increase of 0.9% following a revised increase of 0.4%. Overall, growth for 2024 stood at 0.6% after a prior year increase of 0.7%.
In the fourth quarter of 2024, South Africa’s economy achieved growth of 0.6%, bouncing back from a minor contraction of 0.1% in the preceding quarter. This growth, although less than the anticipated 0.9%, was sufficient to avert a recession for the nation. Positive contributions were observed from three key sectors: agriculture, finance, and trade.
Year-over-year, the Gross Domestic Product (GDP) increased by 0.9% in the fourth quarter, reflecting an improved growth rate from a revised 0.4% in the prior quarter. Overall, the economy recorded a 0.6% growth rate for 2024, following a adjusted rise of 0.7% in the previous year. This data indicates a potential stabilization in South Africa’s economic outlook.
The recent growth in South Africa’s economy highlights a recovery from previous contractions, indicating resilience against recession. Key sectors like agriculture, finance, and trade have shown positive trends, contributing to a nominal yearly growth. However, the growth rates still lag behind initial projections, suggesting challenges remain ahead for sustained economic stability.
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