South Africa's GDP Up 0.6 Percent in 2023

The finance, real estate and business services industry was the main star in 2023, growing 1.8 percent and contributing 0.4 percentage points to GDP growth, according to Statistics South Africa (Stats SA).

Personal services, transport, storage and communication, manufacturing, construction, and government services also helped keep the economy in positive territory, according to Stats SA.

South Africa's construction sector saw its first positive year since 2016, expanding 0.6 percent, while both the mining and electricity, gas, and water sectors were down for a second year in a row, the data showed.

Agriculture recorded its first annual contraction since 2019, shrinking 12.2 percent, which is the biggest annual fall in agricultural production since 1995, according to Stats SA.

Stats SA data also showed that South Africa's GDP grew 0.1 percent in the fourth quarter last year.

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