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SA's economy shrinks by 1.2% in first quarter of 2016

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Cape Town - South Africa recorded a negative growth rate of -1.2% in the first quarter of 2016, according to the latest figures released by Stats SA on Wednesday.

Statistician general Pali Lehohla announced the official gross domestic product (GDP) in Pretoria on Wednesday, and cited the mining and quarrying industries, as well as the transport, storage and communication sectors as the main contributors towards the negative number.

“We can’t say we’re heading for a recession,” Lehohla said in response to a question. “That we don’t know.”
 
Lehohla acknowledged that South Africa’s GDP was a far cry from the National Development Plan’s mooted 5%. “We’re not an inch close to that. But who knows? Tomorrow we could be 6%.”

On the production side of GDP, mining and quarrying fell to -18.1%, by and large due to lower production of platinum and iron ore.

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