GDP declines more than expected, at 0.6%

South Africa’s gross domestic product contracted 0.6% in the third quarter after economic activity in a number of sectors weakened.

The trade industry saw an increase of 2.6%, attributed to positive growth in wholesale and the motor trade, which lifted the sector. Stanlib chief economist Kevin Lings said the decline in the third quarter was worse than expected. The general consensus expected a decline of 0.2%. Lings said the contraction was fairly broad-based. “We did not think most of the sectors would be negative,” he added.

Lings said business and consumer confidence will have to be restored to lead a pick up in investment spending. There is also concern because there is really no response in terms of policy initiatives by the government.

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