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Pulse - Gross Fixed Capital Formation 2025Q2

Construction Investment contribution to GDP slides to Two-Decade Low as GFCF Contracts for 7th Straight Quarter

South Africa’s construction sector remains under severe pressure. Gross Fixed Capital Formation (GFCF) declined 3.2% y-y in Q2 2025, the seventh consecutive quarterly fall, with construction investment down 5.7%. Residential and non-residential markets bore the brunt, while civil works continued to contract. With fixed investment sinking to its lowest share of GDP in 24 years, government’s promises of infrastructure-led growth are not translating into delivery.

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