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SA's GDP slows to 0.6% in fourth quarter

Stats SA says the GDP slowed to 0.6% in the fourth quarter of 2015 from 0.7% in the quarter before.

Picture: Christa Eybers/EWN

JOHANNESBURG - As the government remains concerned about growth, Statistics South Africa says gross domestic product (GDP) has slowed slightly.

It says it slowed to 0.6 percent in the fourth quarter of 2015 from 0.7 percent in the quarter before.

Added to this, Stats SA says GDP expanded by 0.6 percent on a year on year basis compared to 1 percent in the previous three months.

Economists polled by Reuters had expected a quarter-on-quarter GDP increase of 0.8 percent and an expansion of 0.4 percent year-on-year.

Stats SA says the economy also grew by 1.3 percent in 2015 compared with 1.5 percent in 2014.

This is concerning as the government has been aiming to turn around growth.

Finance Minister Pravin Gordhan announced that growth for this year is forecast at 0.9 percent.

Hopefully the new measures mentioned in the Budget will turn the situation around.