By Redaction ARPS Media with Agencies
South Africa’s economy grew just 0.1% in the first quarter.
This growth was affected by a decline in mining (4%) and manufacturing (2%), despite agriculture experiencing strong growth of 15%.
Since the 2008-2009 financial crisis, the economy has struggled, averaging less than 1% growth per year for the last decade. While business and consumer confidence has improved since the coalition government took office last year, this has not yet led to higher production levels.
The central bank has lowered its growth forecast for 2025 from 1.7% to 1.2%. Analysts are worried about the weak growth, fearing it could turn negative if not addressed.
