Stats SA said the transport, storage and communication industry decreased by 1.6%, contributing -0.1 of a percentage point. Decreased economic activities were reported for land transport and transport support services.
“The trade, catering and accommodation industry decreased by 0.4%. Decreased economic activities were reported for wholesale trade, motor trade and food and beverages.”
Stats SA’s statistical report said the import of goods and services decreased by 3.9%, due to decreased trade in vehicles, transport equipment, mineral products, vegetable products and base metals.
“Household final consumption expenditure increased by 0.5%, contributing 0.3 of a percentage point to the total negative growth. The highest growth rates were reported for non-durable and semi-durable goods.”
The increase in household final consumption expenditure was on food and nonalcoholic beverages, housing, water, electricity, gas and other fuels, and restaurants and hotels.
Final consumption expenditure by general government decreased by 0.5%, driven by decreases in purchases of goods and services and compensation of employees. Gross fixed capital formation increased by 0.3% due to assets, construction works and machinery and other equipment.
“There was a R6.6bn drawdown of inventories. Large decreases in three industries — namely manufacturing; electricity, gas and water; as well as mining and quarrying —contributed to the inventory drawdown.”
TimesLIVE
Second-quarter GDP progress was reversed in Q3, says Stats SA
Contributors to decline included agriculture, transport and communications
Financial reporter
Image: 123RF/xtockimages
South Africa’s quarterly GDP suffered a reversal of the gains made in the second quarter of the year, slipping by 0.3% in Q3, according to Stats SA.
The GDP figures for the third quarter of 2024 were released on Tuesday. This comes after real GDP lifted 0.3% in the second quarter of the year.
Stats SA said the leading contributors to the decline were agriculture, transport, storage, communications, as well as the forestry and fishing industry — primarily due to decreased economic activities reported for field crops.
“Real GDP measured by production decreased by 0.3% in the third quarter of 2024, after an increase of 0.3% in Q2,” it said.
Expenditure on real GDP decreased by 0.2% in Q3 after an increase of 0.4% Q2.
“The agriculture, forestry and fishing industry decreased by 28.8%, contributing -0.7 of a percentage point to the negative GDP growth. This was primarily due to decreased economic activities reported for field crops.”
Eastern Cape navigating out of recession territory
Stats SA said the transport, storage and communication industry decreased by 1.6%, contributing -0.1 of a percentage point. Decreased economic activities were reported for land transport and transport support services.
“The trade, catering and accommodation industry decreased by 0.4%. Decreased economic activities were reported for wholesale trade, motor trade and food and beverages.”
Stats SA’s statistical report said the import of goods and services decreased by 3.9%, due to decreased trade in vehicles, transport equipment, mineral products, vegetable products and base metals.
“Household final consumption expenditure increased by 0.5%, contributing 0.3 of a percentage point to the total negative growth. The highest growth rates were reported for non-durable and semi-durable goods.”
The increase in household final consumption expenditure was on food and nonalcoholic beverages, housing, water, electricity, gas and other fuels, and restaurants and hotels.
Final consumption expenditure by general government decreased by 0.5%, driven by decreases in purchases of goods and services and compensation of employees. Gross fixed capital formation increased by 0.3% due to assets, construction works and machinery and other equipment.
“There was a R6.6bn drawdown of inventories. Large decreases in three industries — namely manufacturing; electricity, gas and water; as well as mining and quarrying —contributed to the inventory drawdown.”
TimesLIVE
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