JOHANNESBURG, March 4 (Xinhua) -- South Africa's gross domestic product (GDP) grew by 0.6 percent in the fourth quarter of 2024 after a 0.1 percent contraction in the third quarter, according to figures released by Statistics South Africa (Stats SA) on Tuesday.

Stats SA's Statistician-General Risenga Maluleke attributed the positive development to improvements in the agriculture, forestry, and fishing sectors, which rose by 17.2 percent, contributing 0.4 percentage points to the overall GDP increase.

He further said that economic sectors such as finance, real estate, and business services grew by 1.1 percent, adding 0.3 percentage points to GDP, while the trade, catering, and accommodation industry grew by 1.4 percent, contributing 0.2 percentage points.

Besides, the transport, storage, and communication industry declined by one percent. "Decreased economic activities were reported for land transport and transport support services," Maluleke noted.

The manufacturing industry recorded one of the biggest declines, falling by 0.6 percent. "Six of the 10 manufacturing divisions reported negative growth rates. The largest negative contributions were reported for the basic iron and steel, non-ferrous metal products, metal products and machinery division, and the motor vehicles, parts and accessories," he said.

The South African government welcomed the positive GDP growth in a statement, saying that the latest GDP data is encouraging and signals a recovery.

"Especially because one of the 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," the statement noted. Enditem

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