Tuesday, 03 December 2019 12:13

The economy shrank 0.6% in the third quarter of 2019, Statistics SA said on Tuesday.

This is the second time this year that SA's economy has contracted.  In the second quarter of the year the economy grew by 3.1 % after shrinking by 3.2% in the first quarter. 

The outcome, which was worse than market expectations, is likely to raise fears that SA may manage only marginal growth, if any, for the full year.

Stats SA said one of the biggest negative contributors to GDP in the third quarter was SA's struggling mining industry, which fell by 6.1%. The country's manufacturing industry decreased by 3.9%, while the transport, storage and communication sector shrank by 5.4%.