MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / Government welcomes positive GDP growth

Government welcomes positive GDP growth

Government welcomes positive GDP growth

Government has welcomed the country’s positive economic growth, as reflected in the latest Gross Domestic Product (GDP) figures. 

According to data released by Statistics South Africa (Stats SA), the GDP increased by 0.4% in the second quarter of 2024, following a 0.0% growth in the first quarter. 

On expenditure, real GDP rose by 0.5% in the second quarter, an improvement from the 0.1% decrease in the first quarter of 2024. Household consumption emerged as the largest positive contributor to overall growth, demonstrating the renewed confidence and spending power of South African households. 

From a production perspective, the finance, real estate, and business services industry played a pivotal role, contributing 0.3% to the overall GDP growth. Other notable contributors include the manufacturing sector, trade, and the electricity, gas, and water supply industry, which saw a remarkable growth of 3.1%, driven by increased electricity generation and water distribution.

Acting Government spokesperson, Nomonde Mnukwa, said the second quarter’s economic growth was a clear indication that South Africa’s economy is on a solid path to recovery. 

“The positive trajectory also speaks to the effectiveness of the measures that have been implemented to support recovery and growth. The absence of load shedding has played a crucial role in revitalising key sectors, particularly the electricity, gas, and water supply industry. 

“The government remains committed to implementing policies that will sustain and accelerate growth, ensuring that the benefits are felt by all South Africans,” Mnukwa said.  

Government further acknowledges that sectors such as agriculture, mining, and forestry and fishing are experiencing challenges, but work is being done to provide relief that will ultimately restore growth in these sectors. 

Mnukwa said government continues to support and foster an environment that encourages sustainable economic development. – SAnews.gov.za

DikelediM
Wed, 09/04/2024 – 11:14

106 views

Government has welcomed the country’s positive economic growth, as reflected in the latest Gross Domestic Product (GDP) figures. 

According to data released by Statistics South Africa (Stats SA), the GDP increased by 0.4% in the second quarter of 2024, following a 0.0% growth in the first quarter. 

On expenditure, real GDP rose by 0.5% in the second quarter, an improvement from the 0.1% decrease in the first quarter of 2024. Household consumption emerged as the largest positive contributor to overall growth, demonstrating the renewed confidence and spending power of South African households. 

From a production perspective, the finance, real estate, and business services industry played a pivotal role, contributing 0.3% to the overall GDP growth. Other notable contributors include the manufacturing sector, trade, and the electricity, gas, and water supply industry, which saw a remarkable growth of 3.1%, driven by increased electricity generation and water distribution.

Acting Government spokesperson, Nomonde Mnukwa, said the second quarter’s economic growth was a clear indication that South Africa’s economy is on a solid path to recovery. 

“The positive trajectory also speaks to the effectiveness of the measures that have been implemented to support recovery and growth. The absence of load shedding has played a crucial role in revitalising key sectors, particularly the electricity, gas, and water supply industry. 

“The government remains committed to implementing policies that will sustain and accelerate growth, ensuring that the benefits are felt by all South Africans,” Mnukwa said.  

Government further acknowledges that sectors such as agriculture, mining, and forestry and fishing are experiencing challenges, but work is being done to provide relief that will ultimately restore growth in these sectors. 

Mnukwa said government continues to support and foster an environment that encourages sustainable economic development. – SAnews.gov.za

Watch a Government welcomes positive GDP growth related video:

Have you visited MyPR?

MyPR.co.za offers free to publish press releases for your news site, blog or offline publication. Use the handy REPUBLISH facility or the Full Text RSS Feeds or just copy and paste.

Straton Electrical | Straton Solar | Straton Prepaid | Straton Plumbing | Straton IoT | Straton eBikes | BA Systems | Mbane Contracting | Reach Trust

Category: Tag: , , , , , , , , , , , , , , ,

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Older Persons Grants Land Today — No Need to Queue at Dawn

    Dear Editor, Older Persons grants are paid today, 30 October, under SASSA’s revised November payment schedule — with disability grants on Monday 2 November, children’s grants on Tuesday 3 November, and grants under review on Thursday 5 November. Two things every beneficiary should know. First, grant money does not expire on payment day. It stays…

  • November Grants Pay Early – No Need to Queue at Dawn

    Dear Editor, I run SAGrant (sagrant.co.za), a free resource helping South Africans navigate SASSA grants. November grants pay earlier than usual. Older Persons grants are paid on Friday 30 October, Disability grants on 2 November, and Child Support and other grants on 3 November. Grants still under review are paid on 5 November. The money…

  • NSFAS 2027 applications close on 31 October — SASSA households, apply now

    Dear Editor, I run SAGrant (sagrant.co.za), a free resource helping South Africans navigate SASSA grants. NSFAS applications for the 2027 academic year close on Friday 31 October 2026, and no extension is expected. If your household receives a SASSA grant, your child already passes the NSFAS financial eligibility test — but they still have to…

Reader Interactions

Comments

  1. Fun South African Fact: Despite the country’s status as a democratic republic, the Province of KwaZulu-Natal has a monarchy, specially provided for by the Constitution. Goodwill Zwelithini kaBhekuzulu is the King of the Zulu Nation, has 27 kids and 6 wives and lives, literally, like a King!