Johannesburg – The 2016 GDP growth of 0.3% was below projections of 0.5%, but economists believe that the low growth cycle has bottomed out and expectations for growth in 2017 is above 1%.
Statistics South Africa (Stats SA) released GDP growth data for the last quarter of 2016 on Tuesday. It showed that GDP contracted 0.3% in the fourth quarter.
The main contributors to the decline was primary sector’s mining and quarrying industry and the secondary sector’s manufacturing industry. Both reported declining production levels.