The contribution of manufacturing to South Africa's GDP has shown a consistent decline over the past decade. From 12.9% in 2013, it decreased to 11.68% in 2023. The year-on-year variation observed a 1.78% reduction from 2022 to 2023. Over the past two years, the contribution fell by 3.99% cumulatively. The compound annual growth rate (CAGR) over the last five years indicates an average annual decline of 1.53%, with a total reduction of 7.42% forecasted by 2028 to 10.6%.
Looking ahead, key trends to monitor include technological advancements, energy prices, and policy shifts. These factors could influence the manufacturing sector's competitiveness and its overall impact on South Africa's GDP.
