President Cyril Ramaphosa has said South Africa’s economic recovery is gaining momentum, with the country posting growth for four consecutive quarters.
In his weekly address to the nation, Ramaphosa noted a steady decline in unemployment, while Statistics South Africa (STATS SA) data also shows significant reductions in poverty and inequality.
“The local economy is showing signs of a modest recovery and increased resilience,” the President said. “GDP growth has exceeded expectations, consumer sentiment is improving, and capital investment is rising.”
He added that confidence in the economy is strengthening, reflected in strong stock market performance and the lowest average inflation rate in two decades. The Rand also advanced 0.6% against the US dollar, reaching its highest level in more than three years.
Despite these positive trends, Ramaphosa cautioned that there is no time for complacency. He urged his administration to intensify efforts to attract investment and create jobs.
The President highlighted the upcoming Cabinet Lekgotla on Wednesday, where government plans and strategies will be outlined to ensure that current gains translate into long-term economic growth.
“Our task remains to build on this momentum and deliver sustainable improvements for all South Africans,” Ramaphosa said, emphasizing the need for continued focus on growth and job creation.