In relation to the national economy, the most recent GDP data published by StatsSA has alleviated worries regarding a potential technical recession arising from both external and internal factors. According to StatsSA (2023), following a revised -1.1% contraction in the fourth quarter of 2022, the real gross domestic product (GDP) experienced a slight increase in the first quarter of 2023 recording 0.4% growth. Notably, the manufacturing and finance industries played significant roles in driving this growth, 5 Provincially, IHS MarkiT estimates that the economy will grow by around 2% in 2022 and projects positive growth for 2023. The provincial economy continues to be driven by the mining and community services sectors, this calls for the province to implement economic reforms and intensify the implementation of our interventions as highlighted in the Provincial Growth and Development Plan (PGDP). The PGDP identifies infrastructure development, innovation, agriculture, skills development, mining, and mineral beneficiation as paths of prosperity towards accelerated growth and job creation. |
pdf
Budget Speech Vote 6Size : 658.41 kb
Hits : 157
Date added : 2023-07-03 07:27:25
Date modified : 2023-07-03 07:27:25
|
Ms. R. Dungu
Communications
Tel: 053 830 4000
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.