- Mar 6, 2004
SA's economy shrank by 0.6% in the three months to end-September, Stats SA announced on Tuesday.
This is the second time this year that SA's economy has contracted. In the second quarter of the year the economy grew by 3.1%, after shrinking by 3.2% in the first quarter.
Over the past seven quarters, South Africa's the economy has contracted four times, which included falling into a recession in 2018.
Stats SA said one of the biggest negative contributors to GDP in the third quarter was SA's struggling mining industry, which fell by 6.1%. The country's manufacturing industry decreased by 3.9%, while the transport, storage and communication sector shrank by 5.4%.
SA's trade, catering and accommodation sector, meanwhile, grew by 2.6%, largely as a result of positive growth in wholesale trade. Finance, real estate and business services increased by 1.6%, while general government services increased by 2.4%.[