South Africa has avoided a technical recession, with the electricity, gas and water sector seeing its largest increase since 2008.
The South African economy not only grew by 0.4% in Q2 2024, but revised data from Stats SA put the country’s first-quarter growth at 0.0%, showing flat—not negative—growth.
Stats SA said that the finance, manufacturing, trade, and electricity, gas, and water supply industries drove most of the economy’s momentum on the production side in the second quarter. Strong economic activity in wholesale, retail, and tourist accommodation pushed the trade, catering, and accommodation industry to grow by 1.2%.“It grew by 3.1%, driven by increased electricity generation and water distribution. If we ignore the topsy-turvy economic environment caused by the pandemic in 2020, the 3.1% growth rate represents the sharpest increase since the third quarter of 2008.”
Agriculture, forestry & fishing also faced several headwinds, such as lower-than-expected rainfall in many parts of South Africa, which affected maise and soya bean production), heavy rain in KZN, which affected sugar cane production, and foot-and-mouth disease, impacting sheep and pork production,).
Consumers upped their spending across most product categories, with the miscellaneous goods & services product group being the largest positive contributor, driven primarily by increased spending on insurance.
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