South Africa’s economy grew by 0.6% in Q4 2024, avoiding recession despite falling short of the 0.9% forecast. Key contributing sectors included agriculture, finance, and trade. Yearly growth was recorded at 0.9%, following a previous increase of 0.4%, with the overall economy expanding by 0.6% in 2024 after a 0.7% rise the year prior.
In the fourth quarter of 2024, South Africa’s economy experienced a growth of 0.6%, recovering from a previously revised contraction of 0.1% in the third quarter. Although this growth did not meet the anticipated 0.9%, it was sufficient to avert a recession within the country. The sectors contributing positively included agriculture, finance, and trade, all of which demonstrated notable advancements.
On an annual basis, the GDP registered a rise of 0.9% in Q4, an increase following an upward revision from the previous quarter’s figures, which was revised to a 0.4% rise. For the entirety of 2024, the economy expanded by 0.6%, following a revised growth of 0.7% in the preceding year. These figures reflect a modest yet critical economic resilience in South Africa, suggesting a pathway towards recovery amid challenges.
In summary, South Africa’s economy has shown resilience by achieving a 0.6% growth in Q4 2024, effectively avoiding a recession. Positive contributions from sectors such as agriculture, finance, and trade have been pivotal. Annual growth figures also indicate progress, with the GDP rising by 0.9%, demonstrating a gradual recovery trend.
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