South Africa’s Economy Achieves Growth, Avoids Recession in Q4 2024
The South African economy recorded a 0.6% growth in Q4 2024, preventing recession despite not meeting the 0.9% forecast. Key sectors contributing to this growth included agriculture, finance, and trade. Yearly growth reached 0.9%, following a previous 0.4% increase. Overall, the economy grew 0.6% in 2024, marking a positive trend following earlier challenges.
The South African economy displayed resilience by growing 0.6% in the fourth quarter of 2024, thus avoiding a recession after a previous quarter’s contraction of 0.1%. Although this growth did not meet the anticipated forecast of 0.9%, it was sufficient to keep the economic downturn at bay. Notable growth was observed in three sectors: agriculture, finance, and trade.
When examining the year-over-year figures, the GDP increased by 0.9% in Q4, following an amended growth of 0.4% in the preceding quarter. Overall, the economic performance throughout 2024 registered a 0.6% expansion, building on a revised growth of 0.7% from the previous year, indicating a slow but steady recovery amidst challenging economic conditions.
In summary, South Africa’s economy successfully evaded a recession in the final quarter of 2024 with a 0.6% growth, despite not achieving the projected forecast. The annual growth figures reflect a slight improvement, driven primarily by gains in agriculture, finance, and trade sectors. This growth trend underscores the economy’s gradual recovery following a prior contraction.
Original Source: www.tradingview.com
