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The 1.3% Gross Domestic Product (GDP) contraction in the fourth quarter of last year paints an unpleasant picture of south Africa’s economic position.

In an economy where workers fight for jobs and try to remain standing amidst the high cost of living, increasing interest rates, fluctuating fuel prices and other harsh realities, UASA is disappointed that the majority of South African are forced into a life of survival and poverty.

As reported by Stats SA earlier today, the finance, real estate, and business services industry decreased by 2,3%, contributing -0,6 % to the contraction. Lower economic activities were also reported in the trade, catering and accommodation, the mining and quarrying, and agriculture, forestry and fishing industries.

Expenditure on real GDP decreased by 1,3% in the fourth quarter of 2022.

Millions of South Africans are haunted by social and economic challenges. After Covid-19, natural disasters and looting sprees, they need jobs – not an unstable, contracting economy.

The unemployed have had enough. UASA demands a game plan and turnaround strategy for economic recovery and sustainability from government, stakeholders and industry partners.

Issued by UASA Spokesperson Abigail Moyo