South African economy in decline

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Gross domestic product (GDP) in South Africa fell by 1.8 percent in the last three months of 2008, according to the latest official figures, the first time in ten years that the countryÔÇÖs economy has been in decline.   For the year as a whole, the economy grew by 3.1 percent in 2008, well below the government forecast of 3.7 percent and the previous year's 5.1 percent.   The global economic crisis has precipitated a worldwide slump in demand for commodities, resulting in a collapse in the prices of metals and other mined products.   Hit by plummeting demand from the motor industry, which uses platinum in the manufacture catalytic converters, Lonmin, the world's third largest platinum producer, has announced cuts of up to 5,500 jobs at two South African mines, 4,000 at the Marikana mine in North West province and 1,500 in Limpopo province.     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *