South Africa's GDP growth slows to 0.1% in Q1 2025

South Africa's gross domestic product (GDP) increased by 0.1% in the first quarter of 2025, down from the increase of 0.4% in the fourth quarter of 2024.

This was revealed by Stats SA on Tuesday during the release of its quarterly GDP report.

Stats SA said that the agriculture, forestry and fishing industry increased by 15.8%, contributing 0.4 of a percentage point to the positive GDP growth.

“This was primarily due to increased economic activities reported for horticulture and animal products. The transport, storage and communication industry increased by 2.4%, contributing 0.2 of a percentage point. Increased economic activities were reported for land transport, air transport and transport support services.”

Stats SA added that the finance, real estate and business services industry increased by 0.2%, contributing 0.1 of a percentage point.

“Increased economic activities were reported for insurance and pension funding and auxiliary activities. The trade, catering and accommodation industry increased by 0.5%, contributing 0.1 of a percentage point. Increased economic activities were reported for retail trade, motor trade, accommodation and food and beverages. The manufacturing industry decreased by 2.0%, contributing -0.2 of a percentage point. Seven of the ten manufacturing divisions reported negative growth rates.”

Stats SA said that the largest negative contributions were reported for the petroleum, chemical products, rubber and plastic products; food and beverages; and motor vehicles, parts and accessories and other transport equipment divisions.

“The mining and quarrying industry decreased by 4.1%, contributing -0.2 of a percentage point. The largest negative contributors were platinum group metals (PGMs).”

Stats SA added that net exports contributed negatively (-0.3 of a percentage point) to expenditure on GDP.

“Exports of goods and services increased by 1.0%, largely influenced by increased trade in vegetable products, vehicles and transport equipment excluding large aircraft and mineral products. Imports of goods and services increased by 2.0%, largely influenced by increased trade in chemical products, mineral products and machinery and electrical equipment.”

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