{"id":359267,"date":"2019-12-03T11:45:18","date_gmt":"2019-12-03T09:45:18","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=359267"},"modified":"2019-12-03T11:47:27","modified_gmt":"2019-12-03T09:47:27","slug":"south-africas-gdp-contracts-in-the-third-quarter","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/359267\/south-africas-gdp-contracts-in-the-third-quarter\/","title":{"rendered":"South Africa&#8217;s GDP contracts in the third quarter"},"content":{"rendered":"<p>StatsSA has published South Africa&#8217;s Gross Domestic Product (GDP) data for the third quarter of 2019, showing that growth contracted by 0.6%.<\/p>\n<p>Unadjusted real GDP growth in the third quarter was 0.1% year-on-year, the stats body said, while unadjusted real GDP growth for the first nine months of the year was 0.3% year-on-year.<\/p>\n<p>StatsSA said that the largest negative contributors to growth in GDP in the third quarter were the mining and quarrying industry which decreased by 6.1% and contributed -0.5 percentage point to GDP growth.<\/p>\n<p>The manufacturing industry decreased by 3.9% and also contributed -0.5 percentage point to GDP growth.<\/p>\n<p>Transport storage and communication industry decreased by 5.4% and contributed -0.5 percentage point to GDP growth.<\/p>\n<p>By comparison, the trade, catering and accommodation industry increased by 2.6% and contributed 0.4 percentage point to the GDP growth.<\/p>\n<p>Finance, real estate and business services also increased by 1.6%, contributing 0.3 of a percentage point to GDP growth.<\/p>\n<p>The rand lost ground against the major currencies in mid-day trade:<\/p>\n<ul>\n<li>Dollar\/Rand: R14.64 <strong>(0.64%)<\/strong><\/li>\n<li>Pound\/Rand: R19.00<strong> (0.90%)<\/strong><\/li>\n<li>Euro\/Rand: R16.22 <strong>(0.65%)<\/strong><\/li>\n<\/ul>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-359283 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-2.jpg\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-2.jpg 960w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-2-300x225.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-2-768x576.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-3.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-359285 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-3.jpg\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-3.jpg 960w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-3-300x225.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-3-768x576.jpg 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Nominal GDP was estimated at R1.29 trillion in Q3: 2019, up by R31 billion from Q2: 2019.<\/p>\n<ul>\n<li>Mining was up by R11 billion to R101 billion;<\/li>\n<li>Manufacturing was up by R8 billion to R153 billion;<\/li>\n<li>Electricity, gas and water was down by R5 billion to R46 billion;<\/li>\n<li>Agriculture was down by R7 billion to R29 billion.<\/li>\n<\/ul>\n<p><strong>Little hope<\/strong><\/p>\n<p>StatsSA showed a higher-than-expected GDP figure of 3.1% (seasonally adjusted, annualised) for Q2 2019, while annual growth also exceeded expectations, coming in at 0.9%.<\/p>\n<p>However,<strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-03\/south-africa-s-economy-probably-stagnated-last-quarter-chart\" target=\"_blank\" rel=\"noopener noreferrer\"> Bloomberg<\/a><\/strong> predicted that the rebound in South Africa\u2019s economy in the second quarter would be fleeting as growth disappeared.<\/p>\n<p>It predicated that the GDP would likely show zero growth for the three months through September, citing a median estimate in a Bloomberg survey.<\/p>\n<p>Africa\u2019s most-advanced economy can\u2019t seem to escape stagnation with failing state companies and ballooning debt sapping confidence, and pointing to little or no expansion for another year.<\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-359269 aligncenter\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-1.jpg\" alt=\"\" width=\"814\" height=\"469\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-1.jpg 814w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-1-300x173.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/12\/GDP-1-768x442.jpg 768w\" sizes=\"auto, (max-width: 814px) 100vw, 814px\" \/><\/a><\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/finance\/359265\/trouble-ahead-for-the-rand\/\" target=\"_blank\" rel=\"noopener noreferrer\">Trouble ahead for the rand?<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>StatsSA has released South Africa&#8217;s Gross Domestic Product (GDP) data for the third quarter of 2019, showing that growth contracted by 0.6%.<\/p>\n","protected":false},"author":10,"featured_media":168963,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-359267","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/359267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=359267"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/359267\/revisions"}],"predecessor-version":[{"id":359299,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/359267\/revisions\/359299"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/168963"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=359267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=359267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=359267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}