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South Africa’s economic growth slows to 1.3% in 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 02/03/2016 (11:46)
According to media reports, preliminary data from the Statistics South Africa (Stats SA) showed that South Africa’s economic growth slowed to 1.3% in 2015 from a growth rate of 1.5% in 2014. The deceleration in the economy stemmed from a contraction in agriculture while the electricity, gas and water supply industry also shrank.

Because of severe drought conditions, agricultural production fell by 8.4%, posting the largest annual decline seen since 1995 while the electricity, gas and water supply dropped 1% last year. South Africa’s manufacturing industry followed a mostly stable track in 2015, marginally growing by 0.1% from a year earlier.

The mining industry, meanwhile, posted the highest growth of any industrial category, expanding by 3% in 2015 in line with increased platinum group metal production.
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