The South African economy grew by 0.4% in the second quarter. The growth rate was slightly weaker than economists expected. According to polls by Reuters and Bloomberg, their median estimate was 0.5%.

After previously reporting that real gross domestic product (GDP) contracted by 0.1% in the first quarter of 2024, Statistics SA revised this number to 0.0% (no growth).

The finance, manufacturing, trade, and electricity, gas and water supply industries drove most of the economy’s momentum in the second quarter, reports Statistics SA.

The quarter was entirely without load shedding, which has now been suspended for more than 150 days. As a result, the electricity, gas and water supply industry grew by 3.1% over the quarter - the sharpest increase since 2008.

Manufacturing also grew after shrinking in the first quarter, rising by 1.1% in the second quarter thanks to vehicle and food production. The construction industry showed some growth after contracting for a full year, edging 0.5% higher in the second quarter.

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