‘Muted’ South African economy skirts recession as vote looms

The SA economy grew 0.1% in the fourth quarter of 2023, avoiding a recession that could have hurt the ruling ANC ahead of May elections.

Image: Pexels Image: PexelsThe key mining industry recorded a 2.4 percent increase in output helped by stronger production of platinum group metals, chromium ore, coal and diamonds, the

But StatsSA described economic growth as “muted” with the marginal 0.1 percent increase taking the annual rate for 2023 to a meagre 0.6 percent. In 2022 GDP had grown by 1.9 percent. Agriculture, a backbone of South Africa’s economy, shrunk for the first time since 2019, recording a 12.2 percent drop in output last year.The poultry and livestock industry, which accounts for almost half of the sector’s value, has been badly hit by outbreaks of bird flu, foot and mouth disease and African swine fever, said Kulani Siweya, chief economist at farm industry group AgriSA.

Nedbank said the economy should fare “slightly better in 2024”, but the recovery was expected to start only in the second half of the year.Polls suggest the party could lose its parliamentary majority in May for the first time since the advent of democracy. That would force it to find a coalition partner to remain in power.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

TheSAnews /  🏆 25. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Former South African Striker Marks Maponyane Highlights Striker Crisis in South AfricaMarks 'Go Man Go' Maponyane, a former Bafana Bafana, Kaizer Chiefs, and Orlando Pirates striker, expresses concern over the lack of goals from strikers in the Premier Soccer League. He calls on coaches to address the issue and discusses the decline of South African strikers in recent years.
Read more »

Foreign Investors Attracted to South African BusinessesThere have been a series of buyouts, acquisitions, and deals in South Africa since the pandemic, making the country's businesses attractive to foreign investors.
Read more »

Another South African Singer Might Be Heading For Eurovision [Video]South African and global news updates with a twist. 2oceansvibe is South Africa’s biggest solely owned online news platform with local and world news updates.
Read more »

South African IT salaries vs the US and UKSouth African IT professionals can earn much higher salaries for the same positions in the United Kingdom or the United States.
Read more »

Professor Dire Tladi makes history as first South African to be sworn in as ICJ judgeProfessor Dire Tladi makes history as first South African to be sworn in as ICJ judge
Read more »

Expert assessment of South African government's performance in improving livesAn expert assessment is conducted to evaluate the South African government's overall performance in improving the lives of its citizens during a challenging term.
Read more »