Eastern Cape has officially entered a technical recession. The provinces economy is in recession after contracting for the third consecutive quarter.
A report released by the Eastern Cape Socio-Economic Consultative Council (ECSECC ) earlier in July this year noted the construction, manufacturing, and mining industries as the largest contributors to the decline in the gross domestic product (GDP.
Eastern Capes GDP decreased in randsThe report reveals that in rand value, the provinces GDP has declined from R368.8 billion in 2023 the fourth quarter, to R366.9 billion in the first quarter of 2024.
Eastern Cape is amongst the least contributors to the national GDP by 7.9%. The biggest province in the country, Northern Cape contributed the least to the national GDP at 2.1%, followed by Free State with 4.7%, North West with 6.2%, Limpopo with 7.1%, and Mpumalanga with 7.3%.
The largest contributors to the national GDP were Gauteng with 33.9%, KwaZulu-Natal with 16.6% and Western Cape with 14.2%.
