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SA economy grew 0.6% in fourth quarter

Mar 01 2016 11:42

Cape Town – South Africa’s economy grew by 0.6% in the fourth quarter, following a 0.7% growth in the previous quarter, according to Statistics SA on Tuesday.

Analysts were expecting the economy’s gross domestic product (GDP) to expand by 0.5%.

The rand is trading at R15.75/$, "a very muted reaction to the number", said TreasuryOne.

Real GDP increased by 1.3% in 2015, following an increase of 1.5% in 2014, Stats SA said, adding that the nominal GDP at market prices in 2015 was R4trn, which is R194bn more than in 2014.

Finance Minister Pravin Gordhan said in his Budget review Treasury expects the GDP to only grow by 0.9% in 2016, 1.7% in 2017 and 2.4% in 2018. "This is considerably lower than last year’s estimates," he said in his Budget Speech.

The agriculture, forestry and fishing industry saw negative growth of 14% due to decreases in the production of field crops and forestry, it said.

“Finance, real estate and business services and the wholesale, retail and motor trade; catering and accommodation industry each contributed 0.4 of a percentage point based on growth of 1.9% and 2.8% respectively,” it said.

“General government services contributed 0.2 of a percentage point based on growth of 1%.”

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sa economy  |  gdp

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