Declines in transport, agri sectors contributed to economic slowdown - Stats SA
It said the country's economy slipped into a technical recession in the fourth quarter of last year, recording a 1.4% contraction.
JOHANNESBURG - Stats SA has attributed the country's slow economic growth to declines in crucial sectors in the economy, including transport and agriculture.
It said the country's economy slipped into a technical recession in the fourth quarter of last year, recording a 1.4% contraction.
Annual GDP for 2019 managed to grow by only 0.2%
The year-on-year GDP outcome was lower than the expected at 0.3% as recently forecast by National Treasury.
The South African Reserve Bank had also presented a revised prediction of 0.5% growth for 2019.
But Stats SA's Michael Manamela painted a rather grim picture for the economy's overall performance.
“Overall, the performance of the economy for the year was 0.2%, this coming from a growth of 0.8% in 2018.”
Finance, real estate and business services were the biggest drivers of the economy, contributing half a percentage point to growth.
These results are a setback for President Cyril Ramaphosa and his government, which has presented an economic growth plan.
