The numbers are in: SA economy contracted more than expected in 2016

Statistics South Africa’s latest report on the economy shows South Africa’s GDP shrunk by 0.3% by the end of the fourth quarter of 2016.


StatsSA’s 2016 economic report shows SA’s GDP slowed down to an unexpected 0.3%, much less than 2015’s 1.3%… *cough, Nenegate, cough.

While the finance, transport and communication, real estate and construction sectors boosted economic growth, industries like mining, manufacturing and quarrying pulled us down.

Agriculture also declined by 0.1%, but according to Michael Manamela, the chief director of national accounts, the industry is showing an overall upward slant.

“What is important is that the trajectory is upward and we should see an improvement in 2017.”

SA’s primary and secondary sectors shrunk by 9% and 1.8%, but the tertiary sector grew by an additional 1.3%.