JOHANNESBURG, June 8 (ANA) – South Africa’s gross domestic product (GDP) growth rate declined by 1,2 percent in the first quarter of 2016, Statistics South Africa (StatsSA) said on Wednesday.
StatsSA said the the weak rand, a decline in commodity prices and the drought had a negative impact on the economy.
The main contributing industries to the negative GDP growth rate were the mining and quarrying industry and the transport, storage and communication industry.
The two other industries that contracted in the first quarter were agriculture, forestry and fishing (-6,5 percent) and electricity, gas and water (-2,8 percent).
The agriculture, forestry and fishing industry has been in decline for five consecutive quarters.
StatsSA said the strongest performer in value added in the first quarter was finance, real estate and business services.
Stats SA released the GDP figures on Wednesday.
– African News Agency (ANA)
