In a narrow escape, the South African economy grew by a mere 0.1% in the fourth quarter of 2023, Statistics South Africa announced on Tuesday.

“The marginal GDP growth has seen South Africa avoid slipping into a technical recession,” said Bokang Vumbukani-Lepolesa of Stats SA.

The actual gross domestic product in the fourth quarter stood at R1.158 billion, with six out of ten industries recording positive growth. The transport, storage, and communication industry drove much of the upward momentum, expanding by 2.9% and contributing 0.2 percentage points to GDP growth. Additionally, the electricity, gas, and water sector saw a second consecutive quarter of positive growth at 2.3%.