Exports and imports shrink by 7.1% - Stats SA
8 June 2016
Cape Town - Exports and imports both shrunk by 7.1% in the first quarter of 2016, according to the latest gross domestic product (GDP) figures released by Statistics SA on Wednesday.
The export of mineral products, precious metals and transport equipment was mainly responsible for the decline in exports, which made a negative contribution of -2.2% to GDP in the first quarter of 2016.
Government was biggest contributor to growth in expenditure on GDP, with a 1% increase in the first quarter of 2016. Overall expenditure on GDP fell by 0.7% in the same period.
The prolonging drought had a significant negative impact on production side of GDP and the decline of 6.5% in the first quarter of 2016 was by and large the result of a lower production of field crops and horticultural products.