SA’s economy shrinks – Stats SA
South Africa's economy has shrunk, Statistics South Africa announced on Tuesday.
It contracted by 0.3 percentage points between July and September in a development that is said to have been unexpected.
Releasing the GDP figures on Tuesday, Stats SA's Chief Director for National Accounts Bokang Vumbukani-Lepolesa said out of 10 industries, four had negative growth.
Agriculture recorded its second consecutive decline, falling by 28.8% in the third quarter.
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"Three other industries also performed poorly. Transport, storage and communication was the second largest negative contributor, recording a decline in land transport and transport support services. Disappointing figures from the wholesale trade, motor trade and restaurant, fast-food and catering sectors pushed the trade, catering & accommodation industry lower," Vumbukani-Lepolesa said.
"The general government was weaker on the back of lower employment numbers in the civil service. Not all was bad news. Finance was the largest positive contributor, pushed higher by banking, insurance, real estate and other business services.
"The electricity, gas & water supply industry expanded for a second straight quarter, driven higher by a rise in electricity generation and consumption. Stronger manganese and chromium ore production helped boost mining. Iron, steel and machinery production drove much of the upward momentum in manufacturing."
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