South Africa’s Gross Domestic Product contracted 1.4% in the fourth quarter of 2019, following a revised 0.8% contraction in the third quarter, data from Statistics South Africa showed on Tuesday.
Economists polled by Reuters had predicted a contraction of 0.1% in quarter-on-quarter and seasonally adjusted terms in the final three months of last year.
GDP shrank 0.5% year-on-year in the fourth quarter after a 0.1% expansion in the previous quarter.
The economy expanded by 0.2% in the 2019 calendar year compared to 0.8% in 2018.
South Africa’s economy slipped into its 3rd #recession since 1994 in Q4:2019, shrinking by 1,4%. This followed a contraction of 0,8% in Q3. #StatsSA #GDP #economy pic.twitter.com/BZDlddovOp
— Stats SA (@StatsSA) March 3, 2020
BREAKING NEWS | South Africa’s economy is in #recession. Figures from Stats SA reveal that the country’s GDP contracted by 1.4% in the fourth quarter of 2019, following a revised 0.8% contraction in the third quarter. #sabcnews pic.twitter.com/lyM2oafoac
— SABC News Online (@SABCNewsOnline) March 3, 2020
Source: SABC News (sabcnews.com)