UASA Media Release: 4 March 2025
Statement by Abigail Moyo, spokesperson of the trade union UASA:
The Gross Domestic Product (GDP) measured by production shows that the country’s GDP increased by 0.6% in the fourth quarter of 2024.
Although slightly weaker than expected, it shows economic growth across industries and various sectors. Backed by the recently reported decline in the unemployment rate, UASA welcomes the recorded progress in the country’s GDP and the employment crisis.
While several hiccups, including load shedding, water challenges, service delivery challenges and a high unemployment rate, persist, our economy remains steadfast with growth and development opportunities that work in workers favour.
The agriculture, forestry, fishing, finance, real estate, business services, trade, catering and accommodation sectors mainly contributed to the GDP growth in the last quarter. Expenditure on GDP increased by 0.6% in 2024, while household final consumption expenditure increased by 1.0%, contributing 0.7%.
The electricity, gas and water industry declined by 1,4% due to decreased production and consumption. In addition to other challenges like climate change and natural disasters, UASA is concerned that these disruptions might hinder economic aspects such as energy development and transition.
Following a few recorded economic recovery indicators, including a decline in the unemployment rate, an inflation rate within the SA Reserve Bank target band of 3-6%, GDP growth, and now an expected decrease in the fuel price from midnight, UASA believes that with proper turnaround strategies, the economy can recover.
We hope that the expected National Budget Speech to be tabled by Minister of Finance Enoch Godongwana next week will bring about viable solutions with well-thought and workable plans for the future economic year.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.