“The latest information released today by Statistics SA on the continued deteriorating economic growth in the third quarter highlights the fact that the economy is in a very alarming position and that the chances of an economic recovery this year are very slim.
It is, therefore, extremely important for the country to take serious note of the core facts and realities of the ANC government's destructive ideology of socialism and communism which will ultimately destroy the economy within the next 3 to 5 years,” says Fanie Brink, an independent agricultural economist.
The fact that the economy grew by less than 1% in the first six months of the year and the latest growth figures for the third quarter in the real Gross Domestic Product (GDP) of minus 0,6% on the supply side and minus 0,3% in the real domestic expenditure on the demand side of the economy has now confirmed the likelihood that the economy will not grow in 2019.
The three largest negative contributors to growth in the real GDP on the supply side of the economy in the third quarter were the mining (-6,1%), manufacturing (-3,9%) and transport, storage and communication (-5,4%) industries. The three largest positive contributions to GDP growth came from trade, catering and accommodation (0,4%); finance, real estate and business (0,3%); and the general government as a consumer (0,4%).
The real household final consumption expenditure on the GDP increased by 0,2% and government consumption expenditure by 1,3%, while gross fixed capital formation increased by 4,5%. Exports increased by 3,5% and imports decreased by 6,8% which means that net exports contributed 3,2% to the total consumption expenditure.
The amended economic growth strategy of the Minister of Finance and the new President's Economic Advisory Council will make no difference to the deteriorating economic conditions. The bigger problem is the fact that organised business sector such as “Business Unity South Africa” (BUSA), “Business Leadership South Africa” (BLSA) and the “South African Chamber of Commerce and Industry” (SACCI) are absolutely going out of their way to fully support the destructive ideology of the ANC government as they do not understand that economic growth is driven and created by the profit motive in a capitalistic economic system in the most countries in the world today! Their political correctness will not bring the economy and the country nowhere!
He says that the ANC's current and future political and economic reforms will not be realised by the destruction of the economy and the country but will cause it to fall into an underdeveloped country with much higher poverty, no economic growth, unprecedented famine and human suffering! "
The final countdown to the total destruction has already begun,” says Brink.
