The Congress of South African Trade Unions (COSATU) remains deeply concerned with the latest Gross Domestic Product (GDP) growth figures. 

Whilst appreciating that the economy has posted its fourth straight gain with a 0.5% growth rate quarter on quarter and 1.2% for the last nine months compared to the same period for 2024, it is still far from enough to see the economy growing at 2% let alone the 3% plus needed to generate a continuous and meaningful fall in unemployment. 

We hope that the festive season will see a positive increase in the last quarter of the year, bringing the annual growth rate closer to the 2% that has eluded us for far too long.

It is important to acknowledge that the recent positive trends in the economy and state under the African National Congress led government from overcoming loadshedding to stabilising Transnet, reopening Metro Rail lines, exiting grey listing, turning the South African Revenue Service around as well as the creation of 248 000 new jobs in Quarter 3, and that these must still see their full impact filter down. 

It is critical that government table a decisive Budget at Parliament in February that will put in place measures to capacitate frontline public services, rebuild local government, support State-Owned Enterprises, reduce the increasingly unaffordable price of electricity, provide relief to the working class and struggling businesses, accelerate the roll out of the R1 trillion infrastructure investment programme, and most critically include a bold new industrial and SMME financing package and a drastically ramped up Presidential Employment Stimulus. 

These bold interventions are essential if we are to break out of the tepid economic growth we have stumbled along with since 2008 and reach the 3% needed to tackle unemployment, poverty and inequality.

Issued by COSATU

Matthew Parks (COSATU Parliamentary Coordinator)

Mobile: 082 785 0687

Email: matthew@cosatu.org.za