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Finance, real estate, business services helped economy grow 0.8% in 2018

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This is down from 1.4% in 2017 but up from 0.4% in 2016.

GDP increased by 1.4% in the fourth quarter of 2018, helping the economy to grow 0.8% over the full year.South Africa's economy grew by 1.4% in the fourth quarter of 2018, contributing to an overall growth rate of 0.8% for the entire year.

The latest set of gross domestic product figures was released by Stats SA on Wednesday. The figures provide an overview of economic performance in 2018. SA found itself in economic recession during the year, its second since the early 1990s. Stats SA said the 2018 recession spanned the first two quarters of the year, with the economy shrinking by 2.7% in the first quarter and contracting further by 0.5% in the second. A recession is defined as two consecutive quarters of slowing growth.

Stats SA said that despite the recession, positive growth in the third and the fourth quarters was just enough to push overall growth for the year into positive territory, with the real annual growth rate coming in at 0.8%.

 

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