Minister Ntshavheni applauds the 0.4% increase in GDP

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Minister Ntshavheni applauds the 0.4% increase in GDP

Khumbudzo Ntshavheni, Minister in the Presidency, says South Africans should be motivated by the
0.4 percent increase in gross domestic product (GDP) in the first quarter of 2023, which
demonstrates that the nation is capable of overcoming its economic challenges.
According to Statistics South Africa’s (Stats SA) release of the Quarterly Labour Force Survey on
Tuesday, there were 258 000 more individuals employed in the first three months of 2023, bringing
the total to 16.2 million.


The Minister welcomed the growth and stated that the recent release of the Quarterly Labour Force
Survey findings for the same quarter and the positive GDP indicators provide reassurance that the
nation is moving forward in accordance with the Economic Reconstruction and Recovery Plan.
Eight industries had growth between January and March 2023, according to data from Stats SA, with
manufacturing, banking, personal services, transport, and commerce making significant
contributions.


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. 
“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,” Ntshavheni said.

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