SA economy shrinks 0.6% in first quarter

South Africa’s economy shrunk by 0.6% in the first three months of the year, Statistics SA reported on Tuesday.

“The seasonally adjusted real GDP at market prices for the first quarter of 2014 decreased by an annualised rate of 0.6%  compared with an increase of 3.8% during the fourth quarter of 2013,” it said in a statement.

“The main contributors to the decrease in economic activity in the first quarter of 2014 were the mining and quarrying industry (-1.3 percentage points) and the manufacturing industry (-0.7 of a percentage point).”

Positive contributions by other industries included finance, real estate and business services (0.4 of a percentage point), the wholesale, retail and motor trade; catering and accommodation industry (0.3 of a percentage point) and the transport, storage and communication industry and general government services (each contributing 0.2 of a percentage point).

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SA economy shrinks 0.6% in first quarter