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'All sectors contributed to SA's GDP decline by 0.6% in third quarter'

3 December 2019 1:39 PM
Tags:
GDP
Economy
South Africa

Stats SA economics statistics deputy director-general Joe de Beer gives reasons behind the country's economy shrinking.

South Africa's Gross Domestic Product (GDP) has shrunk by 0.6% in the third quarter of 2019, statistician-general Risenga Maluleke said on Tuesday when he released the figures.

RELATED: Drop in consumer confidence could spell trouble for GDP in third quarter

Maluleka says the figures follow a revised 3.2% growth in the second quarter helping South Africa to avoid a recession.

Agriculture, which contracted by 3.6%, manufacturing by almost 4% and mining which decreased by over 6% were the contributors to the GDP drop, the statistician-general reported.

RELATED: Economist predicts 3% GDP growth

Clement Manyathela on the Xolani Gwala Show chats to Stats SA economics statistics deputy director-general Joe de Beer to give more insight on the matter.

All the sectors in the primary and secondary sectors declined, the only ray of hope that we found came from the trade sector as well as the government. Mining contracted by more than 6%, transport by more than 5% and manufacturing by nearly 4%.

Joe de Beer, Economics Statistics deputy director-general - Stats SA

Combined those three industries brought down the economy by 1.5%, he adds.

Although the overall growth was negative at least trade and the government brought a little bit of relief to the economy.

Joe de Beer, Economics Statistics deputy director-general - Stats SA

Listen below to the full conversation:


3 December 2019 1:39 PM
Tags:
GDP
Economy
South Africa

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