The flow-of-funds statistics are measured through the financial account, which is the final account in the full sequence of accounts that records transactions between institutional units. These statistics measure flows across the institutional sectors of the economy by tracking funds as they move from surplus sectors to deficit sectors through financial intermediation, which illustrates each sector’s net acquisition and disposal of financial assets and liabilities. These statistics are critical for understanding macroeconomic behaviour across different institutional sectors by linking saving and investment in the real economy with the financing thereof through financial transactions. This note analyses the factors that influenced the flow of funds in South Africa in 2024. Domestic economic activity remained subdued in 2024, despite the government’s efforts to stabilise electricity supply and improvements in port, rail and network infrastructure. Real economic growth slowed marginally further from 0.8% in 2023 to 0.5% in 2024, especially as agricultural output contracted due to climate-related shocks and livestock diseases. By contrast, although still subdued, the global economy showed signs of improvement for most of 2024, supported by increased momentum from the United States (US) and China’s aggressive stimulus measures aimed at reviving its economy amid the prolonged property market slump. The analysis of financial flows in this note is based on the annual 2024 statistics published on pages S–52 and S–53 in this edition of the Quarterly Bulletin (QB) and the appended quarterly national financial account statistical tables for 2024.