This is far below Investec and Nedbank’s prediction, which foresaw 0.5% quarter-on-quarter growth. <\/strong><\/p>\n\n\n\n Stats SA said that the agriculture, forestry and fishing industry decreased by 28.8%, contributing -0.7 of a percentage point to the negative GDP growth. <\/p>\n\n\n\n This was mainly due to decreased economic activities reported for field crops.<\/p>\n\n\n\n The transport, storage and communication industry decreased by 1.6%, contributing -0.1 of a percentage point. <\/p>\n\n\n\n Decreased economic activities were seen for land transport and transport support services.<\/p>\n\n\n\n The trade, catering and accommodation industry also decreased by 0.4%. Decreased economic activities were reported for wholesale trade, motor trade, and food and beverages. <\/p>\n\n\n\n General government services also dropped by 0.1%, primarly due to decreased employment in national and provincial government and extra-budgetary institutions.<\/p>\n\n\n\n On the positive side, the finance, real estate and business services industry increased by 1.3%, adding 0,3 of a percentage point.<\/p>\n\n\n\n Stats SA said that increased economic activities were seen for financial intermediation,\u00a0insurance and pension funding,\u00a0auxiliary activities, real estate activities and other business services.<\/p>\n\n\n\n The personal services industry jumped by 0.5%, contributing 0.1 of a percentage point, with economic activities reported for health and education.<\/p>\n\n\n\n The manufacturing industry increased by 0.5%, adding 0.1 of a percentage point. Three of the ten manufacturing divisions saw positive growth rates. <\/p>\n\n\n\n The mining and quarrying industry increased by 1.2%, contributing 0.1 of a percentage point. Increased economic activities were seen for manganese and chromium ore.<\/p>\n\n\n Expenditure on GDP<\/strong><\/p>\n\n\n\n Expenditure on real GDP dropped by 0.2% in Q3 following an increase of 0.4% in Q2 2024. <\/p>\n\n\n\n Household final consumption expenditure (HFCE) jumped by 0.5%, contributing 0.3 of a percentage point to the total negative growth. <\/p>\n\n\n\n The highest growth rates were seen for non-durable and semi-durable goods.\u00a0\u00a0\u00a0<\/p>\n\n\n\n The main positive contributors to the increase in HFCE were expenditures on food and non-alcoholic beverages (0.9% and contributing 0.1 of a percentage point), housing, water, electricity, gas and other fuels (0.6% and contributing 0.1 of a percentage point), recreation and culture (1.2% and contributing 0.1 of a percentage point) and restaurants and hotels (1.1% and contributing 0.1 of a percentage point).<\/p>\n\n\n\n Final consumption expenditure by the general government dropped by 0.5% and contributed -0.1 of a percentage point.<\/p>\n\n\n\n This was mainly due to decreases\u00a0in purchases of goods and services and compensation of employees.<\/p>\n\n\n\n Gross fixed capital formation increased by 0.3%. The main positive contributors to the increase were other assets (4.4% and contributing 0.5 of a percentage point), construction works (1.4% and contributing 0.2 of a percentage point) and machinery and other equipment (0.5% and contributing 0.2 of a percentage point).<\/p>\n\n\n\n “There was a R6.6 billion drawdown of inventories (seasonally adjusted and annualised value). Large decreases in three industries, namely manufacturing; electricity, gas and water; and mining and quarrying, contributed to the inventory drawdown,” said Stats SA. <\/p>\n\n\n\n Stats SA said that exports contributed positively to expenditure on GDP. <\/p>\n\n\n\n “Exports of goods and services decreased by 3.7%, largely influenced by decreased trade in pearls, precious and semi-precious stones and precious metals; vehicles and transport equipment excluding large aircraft; chemical products; base metals and articles of base metals; and machinery and electrical equipment.” <\/p>\n\n\n\n “Imports of goods and services decreased by 3.9%, largely influenced by decreased trade-in vehicles and transport equipment excluding large aircraft; mineral products; vegetable products; and base metals and articles of base metals.”<\/p>\n\n\n![\"\"](\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/12\/image-7.png\")
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