Economic wrap-up for October 2024

Stats SA published 23 statistical releases in October, many of which provide fresh data on the state of the economy.

The latest monthly indicators

Nationally, mining activity increased by a marginal 0,3% year-on-year in August. Manganese ore, platinum group metals and chromium ore were the largest drivers of growth. Nickel and copper also recorded a good month.

Retail trade was also positive, rising by 3,2% year-on-year. Six of the seven retail groups registered robust results, with general dealers driving much of the upward momentum.

On the downside, manufacturing was weaker by 1,2%, with five of the ten manufacturing divisions recording a decline in activity. The automotive and iron, steel & machinery divisions were the largest drags on overall growth.

Other sectors that recorded weaker year-on-year results in August include wholesale trade, motor trade, freight (both rail and road) and road passenger transport (Figure 1).

Pic0811N

Consumer inflation records a fourth consecutive decline

Annual consumer inflation cooled further in September to 3,8%, the lowest rate since March 2021 (3,2%). Transport entered deflationary territory, mainly dragged lower by softer fuel prices.

Annual food & non-alcoholic beverages inflation was more stubborn, unchanged from August. Vegetables, fruit, cold beverages and fish recorded higher inflation rates in September, while lower annual rates were recorded for hot beverages; meat; bread & cereals; sugar, sweets & desserts; and oils & fats.

Public-sector infrastructure spending up for a second straight year

Stats SA also publishes data on capital expenditure from South Africa’s 749 public-sector  institutions, which includes public corporations; national, provincial and local government; extra-budgetary accounts and funds; and higher education institutions. The latest data from 2023 shows public-sector capital spending rising for a second consecutive year to R233 billion, driven mainly by public corporations. Eskom was the largest spender, accounting for R39 billion (or 17% of the total).

Despite the two-year upswing, public-sector capital expenditure remains below the 2016 peak of R283 billion.

What to look forward to in November

The next round of employment and unemployment figures, covering the third quarter of the year, are due for release on 12 November. Annual financial statistics for the private sector and consolidated financial statistics for general government will be published on 28 November.

Interested to know more? Keep up to date with our publication schedule here. For a comprehensive list of products and releases, download our catalogue here. For a regular update of indicators and infographics, visit our data story feed and download the latest edition of the Stats Biz newsletter.