In a recent update, South Africa’s economy has experienced a slight downturn in the third quarter of this year. Data released by the national statistics agency revealed that critical industries like agriculture, mining, and construction witnessed a decrease in output. Contrary to analyst predictions of a 0.1 percent decline, the actual contraction was slightly higher at 0.2 percent on a quarter-on-quarter seasonally adjusted basis. This downturn follows after two consecutive quarters of economic growth.
As a result, the growth of Africa’s most industrialised economy stood at a mere 0.3 percent for the first nine months of the year. Joe de Beer, the head of economic statistics at Statistics South Africa, highlighted in a briefing in Pretoria that the economy is largely stagnant, with most sectors showing negligible growth or decline. He described the current economic condition as moving “sideways,” with figures largely hovering around zero.
Source : https://www.researchandmarkets.com/issues/south-african-economy-faces-slight-contraction-in
