SA economic growth at 0.4% for first quarter of 2023: Stats SA

Economic growth increased by 0.4% in the first quarter of 2023 from a negative 1.1% previously.

[🧵] The South African #economy grew by 0,4% in Q1:2023. #GDP in Q1: 2023 is lower than the peak reached in Q3: 2022.#StatsSA #GDP pic.twitter.com/ElBSbhoYkh

— Stats SA (@StatsSA) June 6, 2023

According to figures released by Statistics South Africa the biggest contributors to the increase were in manufacturing, food and beverages.

Bokang Vumbukani Lepolesa, Chief Director responsible for National Accounts at Statistics South Africa, explains.

“After contracting by 1.1% in the last quarter of 2022, real Gross Domestic Product edged higher in the first quarter of 2023 expanding by an estimated 0.4%. The manufacturing and finance industries were the major contributors in the supply side of the economy. The demand side was lifted by exports with smaller contributions for households, government in investments spending.”

Latest #GDP release shows that 8 industries recorded growth in Q1:2023. Join #StatsSA on @TurfFM at 12h15 today as we discuss the latest Gross Domestic Product statistical release.
More here: https://t.co/1h76jkke67 #economy pic.twitter.com/3ivWqXs5ik

— Stats SA (@StatsSA) June 6, 2023