The South African economy has grown in the second half of 2024 and this was due in part to a more stable energy sector.
Picture: Leon Lestrade/Independent NewspapersThe South Africa n Reserve Bank released its September 2024 Quarterly Bulletin on Thursday and noted that South Africa ’s real gross domestic product expanded by 0.4% in the second quarter of 2024.
“The real gross value added by the secondary and tertiary sectors increased in the second quarter of 2024, while that by the primary sector decreased anew,” SARB noted.The Reserve Bank said that after increasing by 3.6% in the first quarter of 2024, the real GVA by the primary sector decreased by 1.3% in the second quarter as both agricultural and mining output contracted.
“The real output of the mining sector contracted further by 0.8% in the second quarter of 2024 despite the absence of electricity load-shedding over this period. The decrease resulted largely from the lower production of iron ore, coal and diamonds amid ongoing domestic rail and port inefficiencies as well as subdued prices of some commodities.”The SARB said that the real output of the secondary sector reverted from a contraction of 1.5% in the first quarter of 2024 to an expansion of 1.
South Africa’s real gross domestic expenditure increased by 1.0% in the second quarter of 2024 following a decrease of 0.6% in the first quarter.
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