Govt says economic growth is a clear indication that SA is on a solid path to recovery

Public information entity Government Communication and Information System said on Wednesday South Africa’s economic growth in the second quarter shows that the economy is on a solid path to recovery, highlighting government’s commitment to implementing policies to sustain and accelerate growth. Statistics South Africa released data recently indicating the country’s GDP increased by 0.4% in the second quarter of 2024, following 0.0% growth in the first quarter. On expenditure, real GDP rose by 0.5% in the second quarter, an improvement from the 0.1% decrease in the first quarter of 2024. Government attributed this to the “effectiveness of the measures that have been implemented to support recovery and growth”, also noting that a lack of loadshedding had played a crucial role in revitalising key sectors, such as electricity, gas, and water. The GCIS noted that household consumption was the largest positive contributor to overall growth, which it said demonstrated the renewed confidence and spending power of South African households.