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Signs of poor economic growth traced back to 2010

The GDP estimates released in Pretoria on Tuesday show that the economy grew by a meagre 0.3% last year.

Sandton. Picture: Gary Oberholzer/Talk Radio 702

CAPE TOWN – The latest growth domestic product (GDP) figures from Stats South Africa (Stats SA) show that South Africa’s economy has continued with its downward growth trajectory for the third consecutive year.

The GDP estimates released in Pretoria on Tuesday show that the economy grew by a meagre 0.3% last year.

The mining and agriculture sectors of the economy contributed significantly to the contraction over the period.

In 2013, the economy experienced growth of 2.5%.

That figure slumped to 1.7% the following year, to 1.3% in 2015 and now to just 0.3% last year.

Stats SA’s Michael Manamela says signs of problems started as far back as seven years ago.

“If one traces the growth from 2010, we have really not had an upward trajectory. I think the trajectory had been a downward one, and what we see in 2016 is that the trajectory of declining growth is continuing.”

Last year the mining sector contracted by 4.7% while agriculture was down by 7.8%.

(Edited by Masechaba Sefularo)