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Go

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.

Farming. Picture: AFP.
Farming. Picture: AFP.
| 82 days ago

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.

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