February is a highlight of Stats SA’s publication schedule, with the release of various economic indicators for December concluding the results for the previous year.

The preliminary data point to a lacklustre 2023, with several indicators in the red (Figure 1). Mining production, electricity generation, construction (the value of buildings completed as reported by large municipalities), wholesale trade, retail trade and motor trade were all down in 2023 compared with 2022.

Mining output was softer by 0,4% in 2023. The production of diamonds was the main drag on growth, declining sharply by 39,0%. Gold was the biggest winner, however, expanding by 7,9% in the year.

South African electricity generation weakened further, declining by 4,4%. The country managed to produce 224 393 gigawatt-hours of electricity in 2023, the lowest annual level in two decades.

On the retail front, hard-pressed consumers cut back on spending in 2023, with total retail trade sales declining by 1,0%. All retail groups were weaker, except for textiles & clothing, recording a gain of 5,7%.

However, not all was bad news. Tourist accommodation was stronger in 2023, in line with a rise of both domestic and international travel. The restaurant, catering & fast-food industry also posted positive gains in the year. Rail and road transport (freight payload and passenger journeys) were also stronger.

Manufacturing production rose marginally by 0,4%, with the metals & machinery, automotive and wood, paper & publishing divisions driving much of the upward momentum. In contrast to retail trade, the manufacturing of textiles & clothing declined by 2,6% in 2023. Manufacturers in communications & professional equipment, glass & non-metallic minerals, food & beverages and furniture & ‘other’ manufacturing also recorded a weaker year.

GDP results to be released tomorrow

A much more comprehensive overview of how the economy performed in 2023 will be revealed in the next gross domestic product (GDP) release on Tuesday, 5 March at 11h30. The release will focus on the fourth quarter of the year and will be published here.

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