South Africa's Q4 GDP contracts by 0.3 pct quarter/quarter

March 7, 2017
Source: Reuters
South Africa's Q4 GDP contracts by 0.3 pct quarter/quarter

South Africa's economy contracted by 0.3 percent in the fourth quarter of 2016 after expanding by a revised 0.4 percent in the third quarter, Statistics South Africa said on Tuesday.

Gross domestic product rose 0.7 percent on an unadjusted year-on-year basis in the fourth quarter, compared with 0.7 percent expansion in the previous three months, the agency said.

Economists polled by Reuters had expected a quarter-on-quarter GDP expansion of 0.5 percent while the economy was seen expanding 0.6 percent year-on-year.

The economy grew by 0.3 percent in 2016 compared with 1.3 percent in 2015, the agency said.