The South African economy is in its third recession since 1994. According to Fin24 reporter, Sibongile Khumalo, the new Gross Domestic Product numbers released by Statistics SA on Tuesday, means that the economy has been in recession for the last half of 2019.
The South African economy shrank by 1.4% in the fourth quarter of 2019. The country’s last reported recession was in 2018.
The below industries all reportedly decreased, adding to the low percentage point to GDP growth:
- Transport, storage, and communication decreased by 7,2%
- Trade, catering and accommodation industry decreased by 3,8%
- Manufacturing industry decreased by 1,8%
- Construction industry decreased by 5,9%
- Agriculture, forestry and fishing industry decreased by 7,6%
On the other hand, finance, real estate, and business services increased by 2,7% and contributed 0,6 of a percentage point to the GDP growth and the mining by 1,8%, contributing 0,1% to GDP growth.