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PULSE - GFCF 2024Q1: Downward revisions in building investment, with dissapointing performance in construction works

In Q1 2024, GDP fell by 0.1%, with most sectors underperforming except agriculture, which grew by 13.5%. Construction was the hardest hit, declining by 3.1%, followed by mining (-2.3%) and manufacturing (-1.4%). Construction investment dropped significantly, with residential and non-residential investments contracting sharply. Despite challenges, the civil industry showed positive signs with increased project awards and tender values. The building industry remains pressured due to high interest rates and weak investor sentiment. Public sector building projects doubled in value, offering some mitigation against private sector declines, especially in regions like Limpopo and the Eastern Cape.

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