GDP Contracts in the First Quarter of 2016

SOUTH AFRICA - Report 08 Jun 2016 by Iraj Abedian

The South African economy began the year on a negative note as the quarter-on-quarter (q/q) and seasonally annualized GDP contracted by 1.2% during the first quarter of 2016, as reported by Statistics South Africa. This followed downwardly adjusted growth of only 0.4% during the last quarter of 2015. The contraction marks the third time since the third quarter of 2009, i.e. following the 2008/09 financial crisis, that output contracted on a quarterly basis, and all these have taken place from the first quarter of 2014. See Graph 1.

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