In Q4 2023, South Africa's economy narrowly avoided recession with 0.1% growth, following a 0.2% contraction in Q3.
South Africa's economy narrowly avoided a technical recession in Q4 2023, growing by 0.1% following a 0.2% contraction in Q3 2023. The annual growth rate for 2023 was 0.6%. Six industries contributed to the growth, with the transport, storage and communication industry making the biggest positive impact. Mining production increased by 2.4%. However, the heavyweights of iron ore and gold experienced a decline in Q4 2023.
March 05, 2024
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