South Africa’s GDP growth in Q2 signals economic recovery: official

JOHANNESBURG, Sept. 4 (Xinhua) — The South African government on Wednesday announced that the positive increase in gross domestic product (GDP) in the second quarter of 2024 signals the country’s ongoing economic recovery.
This statement followed the release of data by Statistics South Africa showing a 0.4 percent GDP increase in the second quarter.
“The second quarter’s economic growth is a clear indication that South Africa’s economy is on a solid path to recovery. The positive trajectory also speaks to the effectiveness of the measures that have been implemented to support recovery and growth,” said Nomonde Mnukwa, acting government spokesperson, in the statement.
She also noted that the absence of load shedding or power cuts has been crucial in revitalizing key sectors, particularly electricity, gas and water supply. South Africa has not experienced load shedding since March 25.
The government is working to address the challenges in sectors such as agriculture, mining, forestry and fishing to grow the country’s economy, Mnukwa said.
Mnukwa said the government is committed to policies that sustain and accelerate growth, ensuring that the benefits reach all South Africans. Despite the progress, the country’s economy still faces hurdles, including low growth, underperforming state-owned enterprises and the lingering effects of the COVID-19 pandemic. ■