Formal business sector turnover climbs 5.5% to R15 trillion in 2024

The turnover in the formal business sector increased by 5.5% in 2024, coming in at R15 trillion.

This figure is compared with the revised estimate of almost R15 trillion for 2023.

Stats SA released the latest Annual Financial Statistics on Wednesday. Oria Makobe, Director for Annual Financial Statistics at Stats SA, reported that between 2023 and 2024, turnover increased in eight of the nine industries covered by the survey.

“The largest percentage increase was reported in community, social and personal services (+31.2%), followed by electricity, gas and water supply (+19.0%), construction (+15.9%), transport, storage and communication (+8.3%), forestry and fishing (+7.3%), activities auxiliary to financial intermediation, real estate and other business services (+5.4%), manufacturing (+4.4%) and trade (+3.0%). A decrease was reported in mining and quarrying (-2.1%).”