According to Stats SA, South Africa’s GDP recorded 0.1% quarter-on-quarter growth in Q4 2023, meaning that the country avoided a technical recession after GDP shrank by 0.2% qoq in Q3.The government welcomed the slight increase in GDP, with Minister in the Presidency Khumbudzo Ntshavheni noting that the figure surpasses pre-pandemic levels.
. The economy isn’t producing enough goods and services to keep apace, and there is a greater need for social support while unemployment keeps increasing,” said Ackerman. Data from the IMF shows that South Africa’s GDP per capita has dropped substantially in recent years.
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