Economic Growth - South Africa's GDP grew by 0.8% in Q2 2023, an increase from 0.1% in Q1, marking the strongest growth quarter in nearly two years [1] - The South African Reserve Bank forecasts economic growth of 0.9% in 2025 and 1.3% in 2026 [1] Sector Performance - Eight out of ten industries in South Africa experienced growth in Q2, significantly up from four in Q1 [1] - The mining sector saw a growth of 3.7%, the fastest since Q1 2021, driven by increased production of platinum group metals, gold, and chrome [1] - Manufacturing grew by 1.8%, contributing 0.2 percentage points to GDP growth, with seven industries, including petroleum and chemicals, showing positive growth [1] - Agriculture continued its positive trend with a growth rate of 2.5%, marking the third consecutive quarter of growth [1] Consumer Spending - Household consumption remained active, with a growth rate of 0.8% in Q2, marking the fifth consecutive quarter of growth [2] - The trade, restaurant, and accommodation sectors grew by 1.7%, the highest level since Q1 2022, supported by increased spending in restaurants, hotels, clothing, and insurance [2] Challenges and Trade - South Africa's economic growth faces challenges such as unstable domestic electricity supply and heavy debt burdens [2] - The U.S. has imposed a 30% tariff on South African exports, particularly affecting the automotive and agricultural sectors, adding uncertainty to economic trends [2] - South Africa's total exports and fixed capital investment saw a decline in Q2 [2] - The government and business sectors are actively working to diversify foreign trade, with notable growth in citrus exports to Vietnam and avocado exports to China [2] Trade Agreements and Cooperation - South Africa is committed to advancing the African Continental Free Trade Area and expanding trade cooperation with BRICS and other emerging market countries [3] - The resilience of the South African economy is highlighted despite various adverse factors, indicating a promising outlook for multilateral trade cooperation with other global southern countries [3]

Economic Growth - South Africa's GDP grew by 0.8% in Q2 2023, an increase from 0.1% in Q1, marking the strongest growth quarter in nearly two years [1] - The South African Reserve Bank forecasts economic growth of 0.9% in 2025 and 1.3% in 2026 [1] Sector Performance - Eight out of ten industries in South Africa experienced growth in Q2, significantly up from four in Q1 [1] - The mining sector saw a growth of 3.7%, the fastest since Q1 2021, driven by increased production of platinum group metals, gold, and chrome [1] - Manufacturing grew by 1.8%, contributing 0.2 percentage points to GDP growth, with seven industries, including petroleum and chemicals, showing positive growth [1] - Agriculture continued its positive trend with a growth rate of 2.5%, marking the third consecutive quarter of growth [1] Consumer Spending - Household consumption increased by 0.8% in Q2, marking the fifth consecutive quarter of growth, with notable increases in trade, accommodation, and restaurant sectors [2] - Government public spending also contributed positively to economic development during the quarter [2] Challenges and Trade - South Africa's economic growth faces challenges such as unstable domestic electricity supply and heavy debt burdens [2] - The imposition of a 30% tariff on South African exports to the US has severely impacted exports, particularly in the automotive and agricultural sectors [2] - There has been a decline in both total exports and fixed capital investment in Q2 [2] - The government and business sectors are actively working to diversify foreign trade, with increasing exports of citrus to Vietnam and avocados to China [2] Trade Agreements - South Africa is committed to advancing the African Continental Free Trade Area and expanding trade cooperation with BRICS and other emerging markets [3] - The resilience of the South African economy amidst various challenges highlights the potential for broad multilateral trade cooperation with other global southern countries [3]