UASA Media Release: 03 September 2024
Statement by Abigail Moyo, spokesperson of the trade union UASA:
The recent Gross Domestic Product (GDP) growth in the year’s second quarter paints a picture of economic growth and sustainability across companies and industries.
In a depreciating economy with a high unemployment rate and inflation resulting in high cost-of-living challenges, UASA is pleased to learn that the economic outlook is slowly developing with improved economic activities in consumers’ favour.
Although the economic growth was slightly weaker than expected, Stats SA reported 0.4% growth in the second quarter of 2024. The finance, manufacturing, trade, electricity, gas and water supply industries drove most of the economy’s momentum. Expenditure on real GDP increased by 0,5% in the second quarter, following a decrease of 0,1% in the first quarter.
Following economic trends across the board, UASA is pleased that the suspension of load-shedding throughout the quarter has significantly impacted economic activities, allowing business growth in the electricity, gas and water supply industry of 3.1% over the quarter – the sharpest increase since 2008.
This proves that the impact of load-shedding remained a considerable challenge in Q1. If the government does not see the urgent need to fix this problem, our economic growth will remain under threat in the long run.
As the economy is slowly recovering, with inflation cooling down and the overall cost of living remaining challenging, this is the time to look into proper job creation and prioritise economic growth. We cannot afford any further economic shrinkage in the future, and the current trends must continue for the better financial benefit of consumers.
For further enquiries or to set up a personal interview,contact Abigail Moyo at 065 170 0162.