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As we now know South Africa’s gross domestic product, otherwise known as GDP, declined by 3,2% in the first three months of 2019. That is the largest percentage the economy has slowed down in the last 10 years. It is apparently largely to do with Eskom’s load shedding.
GDP is very important, because if your economy is not growing, your jobs market cannot grow and we know all of the problems that go with a high unemployment rate – largely crime, but also more desperation and greed in the form of corruption. At the beginning of the year we were told that South Africa would grow its economy by about 1,5% this year and while they still think it will turn around later this year they are now projecting 0,7%. To grow at 0,7% is obviously not enough to create jobs in the country, but that would at least be better than the reduction in the first three months, so it does seem to indicate some likelihood of more positive growth later this year. There are so many things that need to be tackled, including the labour laws in South Africa, if we are to get more jobs and an improving economy.
Posted by Michael de Broglio on Thursday 27-Jun-19
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Comments
Bianca Taljaard said:
on Monday 16-Sep-19 08:31 AM
This is very sad, things can change if every one stand together, but it will not happen overnight.
Claudia B said:
on Monday 02-Sep-19 09:02 AM
I would say I agree 100% with Sinead on this one, it is really scary to think about all of this and to know how long it will take to be okay again.
Daniella said:
on Wednesday 24-Jul-19 10:11 AM
It is getting more and more difficult to have hope in a better South Africa those stats are quite scary.
Victoria said:
on Thursday 18-Jul-19 11:30 AM
Sad to read these stats that more and more people are without jobs or getting retrenched because their companies can't cope anymore because of the economy. People are really struggling because of the economy.Hopefully there is a growth later this year.
Sinead said:
on Monday 15-Jul-19 04:44 PM
These stats are so scary.
We just have to be positive and hope for a better day. It won't get better now, probably only in a few years but we have to have faith in those running the country.
Prishani said:
on Monday 15-Jul-19 04:22 PM
I think SA can do it! I think we all have to be positive and stay focused especially those who are in control of our country.
Melissa van Tellingen said:
on Thursday 11-Jul-19 08:46 AM
It's sad to see. All we can hope for is that things would change with our new president. It won't happen over night and all we can do is hope and pray that things get better for our future and the future of our children in this country.
Joyce said:
on Wednesday 10-Jul-19 05:00 PM
lets hope there will be a change, maybe thing will be better with our new President
Alexis said:
on Wednesday 10-Jul-19 04:48 PM
That was some prediction to have considering the state of our country. There is a chance that things may change in time, but right now is not going to be it.
sandra said:
on Tuesday 09-Jul-19 07:43 AM
Each year the economic GDP is decreasing, investors are pulling out, employment rates are increasing. I hope something will soon be done because at this point everyone is starting to lose hope
candice said:
on Friday 05-Jul-19 04:29 PM
Hoping things will change with this new President , but i don't see the Economy growing anytime soon
Mathilda Du Preez said:
on Friday 05-Jul-19 11:17 AM
The main reason for the decline in GDP is corruption, everyone knows that Eskom is “broken” with R419 billion in debt and has way more staff than it needs and does not produce enough power to meet declining demand ,but still our government gives Eskom bailouts and draw-downs from DFI loans??
Job creation in South Africa will not be possible if some in the ANC are willing to damage key institutions, rather than getting the economy growing.
Michelle Smillie said:
on Tuesday 02-Jul-19 01:48 PM
This is sad. All we can do is hope that Cyril Ramaphosa manages to fix this country.
Fikile said:
on Monday 01-Jul-19 12:52 PM
I don't see the economy growing anytime soon or in few years time, simply because the is so many promises and no action, we are always hoping that things will change with the new president or new people that are behind the president but still we are always on the same page and it's not helping us or our economy.
Megan said:
on Friday 28-Jun-19 12:59 PM
I do hope that growth occurs, that the economic would be rid of corruption and crime. It just takes commitment for the betterment of the country, action over words and that will only come from a person who cares enough and implements the necessary measures.
Brumilde Cronje said:
on Friday 28-Jun-19 08:07 AM
I just hope they start fixing someone, one step at a time,I do understand that it will take our country a while to recover from all the damage but you have to start somewhere. And show people that something is going to happen, not just talk about it
Angelique Jurgens said:
on Thursday 27-Jun-19 09:55 AM
We can't only blame Eskom the other sectors include manufacturing, mining and agriculture as the biggest contributors.
If only we have accountability with regards for the use of allocated funds. National Health Insurance bill will come in soon and apparently quite a high percentage of our GDP is spent on health care. All these promises and predictions - I really wonder if the GDP can realistically increase.
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!
