Stats SA published 22 releases in November, many of which provide a preliminary snapshot of economic performance in the third quarter (July–September).

An overview of the quarter

A number of sectors witnessed a rise in economic activity in the third quarter of 2024 compared with the second quarter of 2024. Mining, manufacturing, electricity generation, construction (buildings reported as completed to larger municipalities), retail trade, tourist accommodation, and rail transport were stronger (Figure 1).

Mining production increased by 1,0%, pushed higher mainly by manganese and chromium ore. Gold and platinum group metals were down in the quarter.

Manufacturing output crept marginally higher by 0,2%. Three of the ten manufacturing divisions recorded positive growth rates, with iron, steel and machinery products driving much of the upward momentum. The automotive division, however, was the biggest drag on overall growth, recording a decline in production.

On the retail front, sales increased by 0,7%, with general dealers and retailers specialising in textiles and clothing the most significant positive contributors.

Sectors that performed poorly in the third quarter include wholesale trade; motor trade; restaurants, catering & fast-food; and road transport.

Consumer inflation at a four-year low

Consumer inflation continued a downward trend, falling sharply to 2,8% in October from 3,8% in September. This places the headline print at its lowest since June 2020, when the rate was 2,2%. Easing fuel prices continued to supress overall inflation, declining by 5,3% between September and October. Fuel prices have dropped by 19,1% over the last 12 months.

After remaining relatively steady for half a year, annual inflation for food and non-alcoholic beverages (NAB) cooled significantly in October. Inflation eased for most food & NAB subcategories, except for sugar, sweets & desserts and cold beverages.

Inflation at the factory gate also declined in October, entering deflationary territory. The producer price index (PPI) headline rate was -0,7%, down from 1,0% in September. This means that the prices of final manufactured goods were on average cheaper in October 2024 compared with October 2023.

What to look forward to in December

The quarterly figures in Figure 1 set the stage for the next gross domestic product (GDP) release, which will provide more detail on how the economy performed in the third quarter. Stats SA will publish the GDP figures on 3 December 2024 at 11:30. The release will be published here.

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