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NEWS : Government's strategic to the Construction Mafia

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Deputy Minister of Finance, Ashor Sarupen, has outlined a three-pronged government strategy to counter the escalating disruptions to construction sites by criminal groups. These disruptions threaten the gains made in transforming South Africa into a vibrant construction hub. The strategy focuses on public procurement reform, public-private partnerships (PPPs), and infrastructure investment. Sarupen emphasized that these disruptions are not merely operational challenges, but a stress test for South Africa's economic governance, exposing vulnerabilities in institutional frameworks and socio-economic fractures within communities. GOVERNMENT'S THREE-PRONGED STRATEGY TO COMBAT CONSTRUCTION MAFIA. The full article can be read on BIZCOMMUNITY follow our Whatsapp channel  here  for more hardhatREVIEWS.
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NEWS : SA Economy 0,1% weaker in the first quarter of 2024

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The South African economy experienced a contraction of 0.1% in real gross domestic product (GDP) during the first quarter of 2024. The decline was primarily driven by weaker performance in the manufacturing, mining, and construction industries.


Manufacturing Sector:

Manufacturing was the largest negative contributor to the economic slowdown, declining by 1.4% and shaving off 0.2 percentage points from GDP growth. This sector's poor performance can be attributed to a decline in the production of various goods, including food, beverages, and chemicals.

Agriculture Sector:

In contrast, the agriculture sector was the largest positive contributor to GDP growth, expanding by 13.5%. The horticulture sector was the main driver of this growth, with a significant increase in fruit production. Other positive contributions came from maize and animal products.

Construction and Mining Sector:

The construction industry continued its downward trend, recording a decline of 3.1% for the fourth consecutive quarter. This decline was mainly attributed to weaker economic activity related to residential buildings and construction works.Mining output contracted by 2,3%, with platinum group metals, coal, gold and manganese ore the largest drags on growth.

The full article can be read on Statssa , follow our Whatsapp channel here for more hardhatNEWS.

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