GDP data confirms SA's economy is under strain

[BBSA]

South Africa's real gross domestic product (GDP) at market prices on a quarter-on-quarter (q/q) seasonally adjusted annualised (saa) basis dropped by -1,8% in the fourth quarter of 2008 from +0,2% in the third quarter, Statistics South Africa (Stats SA) said on Tuesday.

The third quarter GDP was the 40th consecutive quarter of positive growth since 1998, although the impact of rate increases since June 2006 had brought the pace of growth down. Today's decline is thus the first decline in a decade.

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Time for some serious rates cuts!