Government welcomes Q1 increase in GDP
Minister in the Presidency Ms Khumbudzo Ntshavheni says South Africans should draw inspiration from the 0.4 per cent increase in gross domestic product (GDP) in the first quarter of 2023, which shows that the country is able to make a dent in the economic difficulties it faces.
Minister Ntshavheni says the positive GDP indicators and the recently published Quarterly Labour Force Survey results for the same quarter serve as encouragement that the country is making progress in line with the Economic Reconstruction and Recovery 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.
Earlier today, Tuesday, 06 June 2023, Statistics South Africa released figures showing that eight industries recorded positive growth from January to March 2023, with strong contributions from manufacturing, finance, personal services, transport and trade.
Within the manufacturing sector, food and beverages accounted for the single largest contribution to the growth in economic output in the quarter under review.
Increased economic activities were reported for wholesale trade, retail trade and catering and accommodation.
Minister Ntshavheni said: “Today’s growth indicators and the recent Quarterly Labour Force Survey show that while the challenges we face in our economy are serious, we have been able to avoid a downturn in our economic output.
“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.
“As we do so, we cannot rest on our laurels, but neither can we let hopelessness and pessimism overwhelm our ability to turn things around.”
Sipho Mbele- Ministry Spokesperson
Cell: 083 625 3446
Issued by Government Communications