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SA's GDP decreases by 0.6% in the 3rd quarter

Some of the contributors were agriculture, which contracted by 3.6%, mining by over 6% and manufacturing, which decreased by almost 4%.

Picture: pixabay.com

JOHANNESBURG - Gross Domestic Product has unexpectedly contracted by 0.6% in the third quarter.

On Tuesday, Stats SA said this followed a revised 3.2% expansion in the second quarter.

Some of the contributors were agriculture, which contracted by 3.6%, mining by over 6% and manufacturing, which decreased by almost 4%. Mining was largely driven by decreases in the mining of platinum group metals, coal, and iron ore.

Year-on -year, Stats SA said GDP grew by 0.1% in the third quarter, also below economists' forecasts for growth of 0.4%.

Statistician general Risenga Maluleke said: “The nine months to nine months, which’s does assist those who want to start speculating on which direction the economy will go, once we have rounded off the year, it’s sitting at 0.3%.”

Both primary and secondary industries slumped during the quarter under review.

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