{"id":19291,"date":"2026-03-10T11:36:02","date_gmt":"2026-03-10T09:36:02","guid":{"rendered":"https:\/\/www.statssa.gov.za\/?p=19291"},"modified":"2026-03-10T11:37:04","modified_gmt":"2026-03-10T09:37:04","slug":"gdp-extends-its-gains-in-the-fourth-quarter","status":"publish","type":"post","link":"https:\/\/www.statssa.gov.za\/?p=19291","title":{"rendered":"GDP extends its gains in the fourth quarter"},"content":{"rendered":"\n

The South African economy recorded its fifth consecutive quarter of growth, expanding by 0,4% in the fourth quarter (October\u2013December) of 2025.1<\/sup> Finance, trade and personal services drove much of the upward momentum on the production (supply) side of the economy. A rise in household spending, gross fixed capital formation and government consumption lifted the expenditure (demand) side.<\/p>\n\n\n\n

The positive showing in the fourth quarter helped push annual gross domestic product (GDP) up by 1,1% in 2025. This is the highest annual growth rate since 2022, when GDP increased by 2,1%.<\/p>\n\n\n\n

Five of the ten industries grew in the fourth quarter<\/strong><\/p>\n\n\n\n

Finance, real estate & business services had the most significant positive impact on the supply side of the economy. The industry grew by 1,4%, adding 0,3 of a percentage point to GDP growth (see Figure 1 below). This was mainly due to a rise in financial intermediation, insurance & pension funding; auxiliary activities; real estate activities; and other business services.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Trade, catering & accommodation and personal services also made notable positive contributions. Trade grew for a fifth consecutive quarter, supported by stronger results from wholesale trade, retail trade, motor trade, accommodation, and food & beverages. The personal services industry was driven higher by a rise in community services and other producers.<\/p>\n\n\n\n

The provincial government and municipalities employed more civil servants in the fourth quarter, contributing to the 0,4% rise in general government services.<\/p>\n\n\n\n

The agricultural industry recorded its fifth straight gain, supported by growth in field crops and horticulture products.<\/p>\n\n\n\n

Not all was positive in the fourth quarter. Manufacturing was the largest negative contributor, shrinking by 0,6% and shaving 0,1 of a percentage point off GDP growth. The most significant downward pressure came from the automotive division; wood, paper & publishing; and food & beverages.<\/p>\n\n\n\n

Following two quarters of growth, mining output disappointed. Coal, platinum group metals, gold and diamonds all declined in the fourth quarter. On the upside, there was a rise in the production of manganese ore, chromium ore, iron ore, nickel and copper, but not enough to keep the industry in positive territory.<\/p>\n\n\n\n

Electricity, gas & water registered its second consecutive decline, contracting by 2,2%. This followed a revised 2,6% contraction in the third quarter.<\/p>\n\n\n\n

Households, investments and the government lift expenditure on GDP<\/strong><\/p>\n\n\n\n

The demand side of the economy was also positive in the fourth quarter, with households, investments (gross fixed capital formation) and the government making positive contributions (see Figure 2 below).<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Household consumption spending expanded for a seventh consecutive quarter, rising by 1,2%. Consumers spent more across the board, most notably on miscellaneous goods and services (which includes insurance, for example); clothing & footwear; restaurants & hotels; and furnishings, household equipment & maintenance. Alcoholic beverages, tobacco and narcotics were less of a priority in the fourth quarter, with spending on this category declining by 0,2%.<\/p>\n\n\n\n

Gross fixed capital formation, which includes investments in infrastructure, grew for a second consecutive quarter. The category \u2018other assets\u2019 was the most significant positive contributor, driven higher mainly by investments in computer software. Machinery & other equipment and construction works also contributed positively to gross fixed capital formation in the fourth quarter.<\/p>\n\n\n\n

Exports declined by 0,6%, mainly due to a decline in the trade of vehicles & transport equipment (excluding large aircraft); vegetable products; and prepared foodstuffs, beverages & tobacco.<\/p>\n\n\n\n

Imports increased by 0,5%, underpinned by a rise in the trade of machinery & electrical equipment; vehicles & transport equipment (excluding large aircraft); live animals & products; and vegetable products.<\/p>\n\n\n\n

Winners and losers in 2025<\/strong><\/p>\n\n\n\n

The GDP estimates for the fourth quarter conclude the results for the calendar year. Real GDP expanded by 1,1% in 2025, led by growth in finance, real estate & business services; agriculture; and trade, catering & accommodation (see Figure 3 below). This follows the growth of 0,8% and 0,5% in 2023 and 2024, respectively.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

After a lacklustre 2023 and 2024, agriculture rebounded in 2025, expanding by 17,4%.<\/p>\n\n\n\n

Manufacturing; electricity, gas & water; and construction disappointed in 2025, with manufacturing registering its second year of negative growth. Construction continued its long-term downward trend, posting its ninth straight year of decline.<\/p>\n\n\n\n

For more information, download the GDP release, media presentation and Excel files here.<\/a><\/p>\n\n\n\n

1 <\/sup>The quarter-on-quarter rates are seasonally adjusted and in real (volume) terms (constant 2015 prices).<\/p>\n\n\n\n

Similar articles are available on the Stats SA website and can be accessed here<\/a>.<\/p>\n\n\n\n

For a monthly overview of economic indicators and infographics, catch the latest edition of the Stats Biz newsletter here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The South African economy recorded its fifth consecutive quarter of growth, expanding by 0,4% in the fourth quarter (October\u2013December) of 2025.1 Finance, trade and personal services drove much of the upward momentum on the production (supply) side of the economy. A rise in household spending, gross fixed capital formation and government consumption lifted the expenditure   read more »<\/a><\/p>\n

<\/div>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30,6,34,24,32,33,41],"tags":[],"class_list":["post-19291","post","type-post","status-publish","format-standard","hentry","category-economic-growth","category-economy-data-stories","category-government-finances","category-households","category-industry","category-inflation","category-minerals"],"_links":{"self":[{"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=\/wp\/v2\/posts\/19291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19291"}],"version-history":[{"count":2,"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=\/wp\/v2\/posts\/19291\/revisions"}],"predecessor-version":[{"id":19296,"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=\/wp\/v2\/posts\/19291\/revisions\/19296"}],"wp:attachment":[{"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.statssa.gov.za\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}