South Africa’s Economy Enters Technical Recession
According to Bloomberg, the South African economy on Tuesday slipped into a technical recession
Latest economic data by the country’s statistics agency showed second quarter gross domestic product (GDP) declined by about -0.7 per cent, driven by the poor performance in key sectors, including agriculture, transport and retail businesses.
It is the first time since 2009 that the South African economy, the second largest in Africa after Nigeria, will be going into recession.
“We are in a recession. We reported a contraction in the first quarter … and now in the second quarter with a fall of 0.7 percent,” Reuters News quoted South Africa’s Statistician-General, Risenga Maluleke as saying after the publication of the latest economic indices.
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