The economy grew slower than previously thought in the fourth quarter of 2015‚ new data shows following a revision of gross domestic product (GDP) data.
SA’s GDP grew a seasonally adjusted and annualised 0.4% in the fourth quarter of 2015‚ revised from 0.6%‚ Statistics SA said on Monday.
Lower economic growth is among reasons for low business confidence‚ a lack of expansion and poor job creation.
The GDP decline in the second quarter of 2015 was also deeper than initially thought. GDP contracted 2% in the second quarter of 2015‚ revised from a 1.3% decline.
Economic growth in the first quarter of 2015 was revised higher to 1.9% from 1.4%‚ while that for the third quarter was lowered to 0.3% from 0.7%
Despite these revisions‚ the economic growth rate for last year remained unchanged at 1.3%.
Statistics SA had to revise economic growth data from 2010 to include spending in the local economy. It has in the past only calculated GDP based on production‚ as spending data used to be the responsibility of the South African Reserve Bank.
Authorities hope measuring production and expenditure at the same time will improve GDP estimates.
Final quarter 2015 GDP growth revised lower to 0.4% from 0.6%
The economy grew slower than previously thought in the fourth quarter of 2015‚ new data shows following a revision of gross domestic product (GDP) data.
SA’s GDP grew a seasonally adjusted and annualised 0.4% in the fourth quarter of 2015‚ revised from 0.6%‚ Statistics SA said on Monday.
Lower economic growth is among reasons for low business confidence‚ a lack of expansion and poor job creation.
The GDP decline in the second quarter of 2015 was also deeper than initially thought. GDP contracted 2% in the second quarter of 2015‚ revised from a 1.3% decline.
Economic growth in the first quarter of 2015 was revised higher to 1.9% from 1.4%‚ while that for the third quarter was lowered to 0.3% from 0.7%
Despite these revisions‚ the economic growth rate for last year remained unchanged at 1.3%.
Statistics SA had to revise economic growth data from 2010 to include spending in the local economy. It has in the past only calculated GDP based on production‚ as spending data used to be the responsibility of the South African Reserve Bank.
Authorities hope measuring production and expenditure at the same time will improve GDP estimates.
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