SA’s economic growth plunged in the first quarter as load shedding‚ weak demand‚ drought and resignations in the public sector curbed output.
The data will disappoint policy makers who‚ through the National Development Plan‚ hope the economy will grow by more than 5% by 2030.
Statistics SA said the economy grew 1.3% in the first three months of this year from the previous quarter‚ slowing from 4.1% in the fourth quarter of last year.
The data came as a Reserve Bank indicator suggested the economy would still struggle in coming months. The leading indicator fell to 98.5 in March from 98.7 in February.
Gloomy outlook for SA as growth plummets
SA’s economic growth plunged in the first quarter as load shedding‚ weak demand‚ drought and resignations in the public sector curbed output.
The data will disappoint policy makers who‚ through the National Development Plan‚ hope the economy will grow by more than 5% by 2030.
Statistics SA said the economy grew 1.3% in the first three months of this year from the previous quarter‚ slowing from 4.1% in the fourth quarter of last year.
The data came as a Reserve Bank indicator suggested the economy would still struggle in coming months. The leading indicator fell to 98.5 in March from 98.7 in February.