GDP shrinks by 0.3% in fourth quarter
South Africa's economy has contracted by 0.3% in the fourth quarter of 2016.
Stats SA released the latest statistics today.
Stats SA's chief director for national accounts, Michael Manamela says the negative growth is largely driven by a decline in mining production, manufacturing and quarrying.
"Mining and quarrying both decreased by 11.5%. This was largely the result of lower production in coal, gold and other metal ores", Manamela says.
Although mining and quarrying were the biggest contributors to the negative GDP growth, manufacturing decreased by 3.1%.
"Manufacturing decreased as a result of lower production in food and beverages, manufacturing of petroleum, chemical products, rubber and plastic products and the manufacturing of motor vehicles, parts and accessories and other transport equipment," Manamela adds.
Although there was a negative growth of GDP, there were some large positive contributors which include trade, catering and accommodation which contributed 1.3% points to total growth.