GDP Contracts in the Last Quarter of 2016
On a quarter-on-quarter, seasonally adjusted and annualized basis, GDP in the last quarter of 2016 contracted by 0.3% (Graph 1). This was the second time the South African economy contracted on a quarterly basis in 2016 - a year that saw the country’s economy laboring under headwinds emanating from inside the country and internationally. This contraction was mostly unexpected despite the obvious lackluster performance of the economy during the fourth quarter, as the market consensus was for no change in the Gross Domestic Product (i.e. approximately zero percent growth).
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