CAPE TOWN South Africa (Xinhua) --
South Africa’s economy shrank by 0.3 percent
quarter-on-quarter in the fourth quarter of 2016, Statistics
South Africa (Stats SA) said on Tuesday.
This was mainly due
to a fall in mining and manufacturing production, Stats SA said.
The poor performance
in the mining and manufacturing production pulled South African
economic growth into negative territory, Stats SA said while
releasing the preliminary figures of gross domestic product
industry’s 11.5 percent drop in production was the main
contributor to the economy’s slowdown, brought about by a fall
in production of coal, gold and other metal ores, such as
platinum and iron ore, said Stats SA.
Adding to the
slowdown was manufacturing, contracting by 3.1 percent in the
This was largely a
result of slower production in manufacturing sectors related to
food and beverages, petroleum and chemicals, and transport
equipment, according to Stats SA.
All industries in
the tertiary sector recorded positive growth rates, led by an
increase of 2.6 percent in transport and communication services
and an increase of 2.1 percent in trade, catering and
expenditure on GDP decreased by 0.1 percent the fourth quarter
of 2016 following an increase of 0.4 percent in the third
recorded in consumption expenditure (household and government)
as well as fixed investment, but a decline in inventories pulled
the total growth rate into negative territory.
There were large
inventory drawdowns for the mining industry (lower production
but higher exports of precious metals and mineral products).
These were partly
offset by inventory build-up in the manufacturing sector.
Annually, the South
African economy grew by 0.3 percent last year compared with
2015, according to Stats SA.
Namibia economy to grow by 2.9
pct in 2017: central bank
WINDHOEK Namibia (Xinhua)
-- Namibia’s domestic economic growth is expected to improve to
2.9 percent in 2017, according to the Bank of Namibia (BoN).
The central bank on
Tuesday released the February 2017 Economic Outlook Update with
the domestic economic growth estimated to have slowed to 1.0
percent in 2016, and now expected to improve.
In a statement BoN
said, the estimated growth rate is much lower compared to the
November 2016 update, which was projected at 2.5 percent and 4
percent for 2016 and 2017, respectively.
“The lower growth
expectation for 2016, when compared to the last update is due to
deeper contractions in diamond mining and construction than
earlier expected,” the statement read.
Meanwhile, BoN said
that risks to the domestic economy remains definite since the
last economic outlook update in November 2016.
“Such risks include
low commodity prices and global uncertainty emanating from trade
relations between the US and her trading partners. Despite the
recent uptick in the uranium price, the reverse in this price
could lead to deterioration in Namibia’s terms of trade and
exert pressure on both the current account balance and
international reserves,” the central bank said.
said the recent outbreak of army worms in some parts of the
country and in the southern African region constitute a major
risk to growth in the agricultural sector.