Tuesday, 03 March 2020 11:52

 

South Africa’s gross domestic product contracted 1.4% in the fourth quarter of 2019, following a revised 0.8% contraction in the third quarter, according to the data from Statistics South Africa.

GDP shrank 0.5% year-on-year in the fourth quarter after a 0.1% expansion in the previous quarter. The economy expanded 0.2% in the 2019 calendar year compared to 0.8% in 2018.

This is South Africa's third recession since 1994. 

For the whole of 2019, the South African economy grew by only 0.2% (in real terms). In 2018, it saw growth of only 0.8%.

The fourth-quarter decline is larger than what economists had predicted, as the economy battles the fallout of load shedding.