South Africa's economy contracted in the first quarter of 2024

VAAL TRIANGLE - South Africa's economy contracted by a marginal 0.1% in the first quarter of 2024. This followed a revised 0.3% increase in the fourth quarter of 2023. Weaker manufacturing, mining and construction drove much of the downward momentum on the supply side of the economy, while the demand side witnessed a decline across all components. Six of the ten industries on the production side of the economy performed poorly in the first quarter with manufacturing the largest negative contributor. Agriculture was the largest positive contributor in the first quarter.