3.1% GDP increase welcomed – ANC

Party however disappointed with the 4.4% decrease in the mining and quarrying industry

ANC welcomes the 3.1% GDP increase

7 March 2018

The African National Congress welcomes the 3.1% increase in South Africa’s Gross Domestic Product (GDP) in the fourth quarter of 2017 as announced by the Statistician-General yesterday, 06 March 2018.

The main contributors to the increase was largely contributed to – amongst others - the agriculture, forestry and fishing industry which grew by 37.5%,  the trade, catering and accommodation industry which grew by 4.8%, the manufacturing industry and finance which grew by 4.3%, and the real estate and business services which increased by 2.5%.

The ANC is however disappointed with the 4.4% decrease in the mining and quarrying industry. It is for this reason that the ANC calls on government to urgently implement the call made by the President in the State of the Nation Address to intensify engagements with all stakeholders on the Mining Charter to effectively transform the face of mining in South Africa in order to stimulate growth and create job opportunities.

We are encouraged by the above expectation of 1.3% increase in the real annual GDP in 2017 as compared to the 0.6% increase in 2016 and thus confirming that the Budget GDP forecast of 1.5% for 2018 is on the low side.

This good story agrees well with our commitment to working with all stakeholders to create jobs for the people of South Africa, in particular the youth. We remain committed to the agenda of radical transformation of the South African economy as per the resolutions of the 54th National Conference. Ours remains the fundamental change in the structure, systems, institutions and patterns of ownership and control of the economy in favour of all South Africans.

Issued by Pule Mabe, National Spokesperson, 7 March 2018