Government has welcomed the latest Gross Domestic Product (GDP) data released by Statistics South Africa, which shows that the economy expanded by 0.6% in the fourth quarter of 2024.
The growth followed a contraction of 0.1% in the third quarter.
Growth in the fourth quarter was primarily driven by the agriculture, finance, and trade sectors on the production side, while household spending led growth on the expenditure side.
“The latest GDP data is encouraging and signals a welcome recovery, especially because one of government’s immediate priorities is to ensure positive economic growth that will encourage business development and provide more opportunities for employment, especially for women and the youth,” Government Communication and Information System (GCIS) Acting Director-General, Terry Vandayar, said on Tuesday, in a statement.
Vandayar said government has put in place a broad range of programmes and policies to support the growth of small businesses, develop infrastructure for faster economic growth, and encourage investment from inside and outside of South Africa.
“Working with various stakeholders, Government will continue to build on this momentum to drive even greater economic resilience,” he assured. - SAnews.gov.za
