Glimpse of recovery in local economy, says Presidency

South Africans can draw inspiration from the 0.4% increase in gross domestic product in the first quarter of 2023, according to Minister in the Presidency Khumbudzo Ntshavheni.

Ntshavheni said the figures show South Africa’s resilience in the face of adversity, proving that the economy can keep recovering.

Based on the Quarterly Labour Force Survey results for the same quarter, she said the country was making progress toward President Cyril Ramaphosa’s economic plan.

“The Quarterly Labour Force Survey for the first three months of 2023 showed an increase of 258 000 to 16.2-million – in the number of employed people. This was the sixth consecutive quarterly increase,” she said on Tuesday.

In addition, Statistics South Africa released data earlier on Tuesday showing positive growth in eight industries.

Among these industries were manufacturing, finance, personal services, transport, and trade. In the quarter under review, food and beverages accounted for the largest share of economic output growth within the manufacturing sector.

There was also an increase in economic activity in wholesale trade, retail trade, catering, and lodging.

Ntshavheni said the economy has not experienced a downturn despite challenges, based on the recent Quarterly Labour Force Survey.

“The gains we have seen across a number of sectors tell us that we are rebuilding our economy and that we must keep working together as a nation to build on the growth we are experiencing.”

However, she warned that the country could not be complacent.

“But neither can we let hopelessness and pessimism overwhelm our ability to turn things around,” she added.


For more business news from Sunday World, click here. 

Follow @SundayWorldZA on Twitter and @sundayworldza on Instagram, or like our Facebook Page, Sunday World, by clicking here for the latest breaking news in South Africa. 

Latest News