20°C / 22°C
  • Mon
  • 27°C
  • 12°C
  • Tue
  • 28°C
  • 14°C
  • Wed
  • 29°C
  • 16°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 27°C
  • 7°C
  • Sat
  • 12°C
  • 6°C
  • Mon
  • 20°C
  • 12°C
  • Tue
  • 19°C
  • 13°C
  • Wed
  • 16°C
  • 11°C
  • Thu
  • 14°C
  • 11°C
  • Fri
  • 17°C
  • 11°C
  • Sat
  • 23°C
  • 9°C
  • Mon
  • 30°C
  • 14°C
  • Tue
  • 30°C
  • 16°C
  • Wed
  • 33°C
  • 17°C
  • Thu
  • 28°C
  • 18°C
  • Fri
  • 31°C
  • 11°C
  • Sat
  • 16°C
  • 9°C
  • Mon
  • 29°C
  • 13°C
  • Tue
  • 29°C
  • 14°C
  • Wed
  • 30°C
  • 16°C
  • Thu
  • 29°C
  • 18°C
  • Fri
  • 28°C
  • 8°C
  • Sat
  • 15°C
  • 7°C
  • Mon
  • 26°C
  • 20°C
  • Tue
  • 22°C
  • 20°C
  • Wed
  • 23°C
  • 19°C
  • Thu
  • 22°C
  • 15°C
  • Fri
  • 18°C
  • 14°C
  • Sat
  • 18°C
  • 13°C
  • Mon
  • 20°C
  • 14°C
  • Tue
  • 19°C
  • 13°C
  • Wed
  • 18°C
  • 13°C
  • Thu
  • 15°C
  • 11°C
  • Fri
  • 15°C
  • 11°C
  • Sat
  • 16°C
  • 10°C
  • Mon
  • 21°C
  • 11°C
  • Tue
  • 20°C
  • 11°C
  • Wed
  • 16°C
  • 9°C
  • Thu
  • 12°C
  • 5°C
  • Fri
  • 19°C
  • 5°C
  • Sat
  • 23°C
  • 6°C
  • Mon
  • 18°C
  • 12°C
  • Tue
  • 17°C
  • 12°C
  • Wed
  • 15°C
  • 11°C
  • Thu
  • 12°C
  • 10°C
  • Fri
  • 16°C
  • 10°C
  • Sat
  • 20°C
  • 10°C
  • Mon
  • 32°C
  • 15°C
  • Tue
  • 33°C
  • 17°C
  • Wed
  • 35°C
  • 17°C
  • Thu
  • 29°C
  • 18°C
  • Fri
  • 32°C
  • 14°C
  • Sat
  • 19°C
  • 11°C
  • Mon
  • 27°C
  • 14°C
  • Tue
  • 31°C
  • 13°C
  • Wed
  • 32°C
  • 16°C
  • Thu
  • 30°C
  • 12°C
  • Fri
  • 21°C
  • 7°C
  • Sat
  • 23°C
  • 6°C
  • Mon
  • 31°C
  • 14°C
  • Tue
  • 33°C
  • 14°C
  • Wed
  • 35°C
  • 14°C
  • Thu
  • 33°C
  • 17°C
  • Fri
  • 20°C
  • 10°C
  • Sat
  • 16°C
  • 10°C
  • Mon
  • 21°C
  • 12°C
  • Tue
  • 19°C
  • 12°C
  • Wed
  • 18°C
  • 11°C
  • Thu
  • 14°C
  • 9°C
  • Fri
  • 14°C
  • 9°C
  • Sat
  • 17°C
  • 8°C

SA GDP up year-on-year, but enters recession

The 0.7% quarter-on-quarter decrease means the country has entered a technical recession.

Sandton, South Africa's financial capital. Picture: Aki Anastasiou/EWN

JOHANNESBURG - Stats SA has announced that South Africa’s gross domestic product (GDP) growth rate is at 1% on a year-on-year basis. However, the 0.7% quarter-on-quarter decrease means the country has entered a technical recession.

Recently, agencies S&P Global and Fitch kept their ratings unchanged but cited concerns of poor growth.

South Africa last entered a technical recession in 2009.

The largest negative contributor to growth in GDP in the first quarter was the trade, catering and accommodation industry, which decreased by 5.9% and contributed -0.8 of a percentage point to GDP growth.

The manufacturing industry contracted by 3.7% and contributed -0.5 of a percentage point to GDP growth. Seven out of ten divisions reported negative growth rates in the first quarter. The largest contributor to the decrease was the petroleum, chemical products, rubber and plastic products division.

In contrast the mining and quarrying industry increased by 12.8% and contributed 0.9 of a percentage point to GDP growth.

The agriculture, forestry and fishing industry rebounded in the first quarter of 2017 on the back of eight consecutive quarters of contraction. The industry’s increase of 22.2% in the first quarter of 2017 was mainly as a result of increases in the production of field crops and horticultural products.

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus