Home
FacebookTwitterSearchMenu
  • Subscribe
  • Subscribe
  • News
  • Features
  • Knowledge Library
  • Columns
  • Customs
  • Jobs
  • Directory
  • FX Rates
  • Categories
    • Categories
    • Africa
    • Air Freight
    • BEE
    • Border Beat
    • COVID-19
    • Crime
    • Customs
    • Domestic
    • Duty Calls
    • Economy
    • Employment
    • Energy/Fuel
    • Events
    • Freight & Trading Weekly
    • Imports and Exports
    • Infrastructure
    • International
    • Logistics
    • Other
    • People
    • Road/Rail Freight
    • Sea Freight
    • Skills & Training
    • Social Development
    • Sustainability
    • Technology
    • Trade/Investment
    • Webinars
  • Contact us
    • Contact us
    • About Us
    • Advertise
    • Send us news
    • Editorial Guidelines
Economy
Imports and Exports
Logistics

South Africa’s GDP growth declines 0.3%

04 Dec 2024 - by Staff reporter
0 Comments

Share

  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • E-mail
  • Print

South Africa’s real gross domestic product (GDP) weakened by 0.3% in the third quarter following 0.3% growth in the second quarter of 2024.

This is according to the latest data released by Statistics South Africa on Tuesday, which showed that the agricultural industry was the main drag on growth on the production side of the economy, while transport, trade and government services also contributed to the slowdown. On the expenditure side, there was a decline in imports, exports and government consumption.

“Agriculture recorded its second consecutive decline, falling by 28.8% in the third quarter. It was the largest negative contributor, pulling GDP growth down by 0.7 of a percentage point,” Stats SA said.

“The industry experienced a rough quarter. Drought plagued the production of field crops such as maize, soya beans, wheat and sunflower. Adverse weather conditions also hindered the production of subtropical fruits, deciduous fruits and vegetables in parts of the country.”

Three other industries also performed poorly. Transport, storage and communication were the second largest negative contributors, recording a decline in land transport and transport support services.

Disappointing figures from the wholesale trade, motor trade and restaurant, fast-food and catering sectors pushed the trade, catering and accommodation industry lower.

Finance was the largest positive contributor, pushed higher by banking, insurance, real estate and other business services. The electricity, gas and water supply industry expanded for a second straight quarter, driven higher by a rise in electricity generation and consumption.

Stronger manganese and chromium ore production helped boost mining. Iron, steel and machinery production drove much of the upward momentum in manufacturing.

“Construction’s second straight rise of 1.1% may seem relatively small, but it’s the biggest increase in two years. The positive showing in the third quarter was mainly driven by construction works, with support from activities related to non-residential buildings,” Stats SA said.

On the expenditure side of the economy, exports decreased by 3.7%, representing the largest decline in three years. The slump was mainly due to weaker trade in pearls, precious and semi-precious stones and precious metals; vehicles and transport equipment (excluding large aircraft); chemical products; base metals and articles of base metals; and machinery and electrical equipment.

Imports were down 3.9% driven lower by decreased trade in vehicles and transport equipment (excluding large aircraft); mineral products; vegetable products; and base metals and articles of base metals.

Households increased consumption expenditure by 0.5% in the third quarter, spending more across most product categories, except for transport. Recreation and culture recorded the highest growth rate (1.2%).

“Closer exploration of this category shows gambling as a notable contributor to this increase. Gambling has risen sharply in recent years, according to the latest set of statistics from the South African National Gambling Board. Gross gambling revenue totalled R59.3 billion in 2023/24, a 25.7% rise from the year before. This follows an increase of 37.0% in 2022/23,” Stats SA said.

Another key takeaway from the GDP numbers is the current weakness in the automotive sector.

“On the manufacturing side, the production of transport equipment disappointed in the third quarter. The most recent monthly manufacturing release shows a pullback in the production of motor vehicles over this period. Motor trade sales and household spending on transport are both weaker. Exports and imports of passenger vehicles were also down in the third quarter,” Stats SA noted.

Sign up to our mailing list and get daily news headlines and weekly features directly to your inbox free.
Subscribe to receive print copies of Freight News Features to your door.

US doubles steel tariffs as Trump seeks trade concessions

Imports and Exports

The increased levy – from 25% to 50% – was confirmed in an executive proclamation signed by Trump late on Tuesday.

04 Jun 2025
0 Comments

Passengers still missing after Cabo Delgado shipwreck

Sea Freight

The vessels were to deliver food intended for people fleeing Islamist insurgency up north.

04 Jun 2025
0 Comments

Logistical progress needs to be speeded up – economist

Logistics

“It is taking too long from when we identify the problem until we solve the problem, and the gap is costing us valuable growth.”

03 Jun 2025
0 Comments

New road levy hits transport companies

Africa
Road/Rail Freight

Members of the business community appealed the road tax, but to no avail.

03 Jun 2025
0 Comments

Gemini Cooperation sustains schedule reliability leader position

Logistics
Sea Freight

After the first quarter, Sea Intelligence also scored Gemini’s schedule reliability as the highest.

03 Jun 2025
0 Comments

SA to launch coastal climate change plan

Sea Freight
Sustainability

The plan is the country’s first sector-specific climate adaptation strategy dedicated to climate resilience.

03 Jun 2025
0 Comments

Iata identifies four priority areas for ground handling

Air Freight

Iata believes that improved data utilisation can significantly enhance safety outcomes.

03 Jun 2025
0 Comments

Anti-dumping duty imposed on China for rerouting cargo

Imports and Exports

A dumping duty of 41.47% now applies to all exports from Vietnam, Thailand and Cambodia.

03 Jun 2025
0 Comments

Durban port faces strong competition from Maputo

Imports and Exports
Logistics

Africa’s busiest port, Tanger Med in Morocco, handled 10.24 million TEUs in 2024.

03 Jun 2025
0 Comments

DoT backs plan to launch new national shipping carrier

Logistics
Sea Freight

The Development Bank of Southern Africa will play a pivotal role in developing the company.

02 Jun 2025
0 Comments

DFFE accused of not acting against illegal fishing trawlers

Logistics
Sea Freight

The sardines can reach a biomass of 40 000 tonnes and attract various other game fish.

02 Jun 2025
0 Comments

Exporter body heads to Parliament in push against cabotage

Imports and Exports
Sea Freight
02 Jun 2025
0 Comments
  • More

FeatureClick to view

Botswana 20 June 2025

Border Beat

Police clamp down on cross-border crime
17 Jun 2025
Zim's anti-smuggling measures delay legitimate freight operations
06 Jun 2025
Cross-border payments remain a hurdle – Masondo
30 May 2025
More

Poll

Has South Africa's ports turned the corner?

Featured Jobs

New

Multimodal Operations Controller

Lee Botti & Associates
East Rand
23 Jun
More Jobs
  • © Now Media
  • Privacy Policy
  • Freight News RSS
  • About Us
  • Advertise
  • Send us news
  • Contact us