South Africa’s economy posts modest 0.6% growth—both quarterly and annually

SOUTH AFRICA - Report 04 Mar 2025 by Iraj Abedian

Real GDP figures released by Statistics South Africa (Stats SA) indicate that South Africa’s economy expanded by 0.6% q/q in the final quarter of 2024, following a contraction of 0.1% q/q during the third quarter. The positive growth in fourth quarter real GDP came largely on the back of the rebound in the agriculture sector, a sector that had dragged GDP into negative territory during the preceding quarter, as well as stronger household demand spurred by, among other factors, lower inflation and two-pot pension withdrawals. Nonetheless, growth in the fourth quarter remained below one percent as activity in the majority of the economy continued to suffer under headwinds including inefficiencies in infrastructure and the persistent lackluster activity in many of South Africa’s trading partners’ economies.

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