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Mining, manufacturing drag down GDP: Stats SA The South African economy is in more trouble than earlier thought. Stats SA data shows the economy shrunk by 0.6% in the third quarter – more than economists had expected.

GDP grew by 0.1% year-on-year for the third quarter.

The country’s economy grew by 0.1% below market expectations. Economists say growth will likely remain weak for the remainder of 2019. “If only government were to implement those reforms we could well see a significant turnaround in GDP growth fortunes over and above what might come about increased capital formation. There appears to be a status quo between those favouring the implementation of these reforms and those who are resisting them for fear of losing out on some of the benefits that they have gained over the past decade by being close to the centres of corruption.

 

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