StatsSA breaks down why SA economy has shrunk by 0,6% in 3rd quarter
Statistician-General Risenga Maluleke announced South Africa’s economy contracted by 0,6 of a percentage point in 3rd quarter.
This, despite the 2nd quarter results that the economy had grown by 3.1% avoiding recession.
Clement Manyathela speaks to the DDG for Economics Statistics at Stats SA, Joe De Beer.
De Beer says the decline was widespread with all the primary and secondary sectors affected.
The only ray of hope that we found came from the trade sector as well as government.Joe De Beer, DDG - Economics Statistics at Stats SA
Looking deeper into the negative aspects, he says mining contracted by over 6%, transport over 5% and manufacturing almost 4%, and combined these brought down the economy by 1.5 percentage points.
The trade sector expanded by 2.6 and government by 2.4% respectively contributing 0.4 to the overall number.
Without their contribution, it would have been even a bleaker picture.Joe De Beer, DDG - Economics Statistics at Stats SA
Listen to the interview below:
Nedbank economist, Isaac Matshego weighs in on the newly released figures.
It is a very worrying figure.Isaac Matshego, Economist - Nedbank
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