South Africa Enters Technical Recession
Africa’s second largest economy, South Africa has entered a technical recession in the second quarter as it contracted 0.77 per cent.
Latest data released on Tuesday by the South African authorities’ shows President Ramaphosa’s six-month-old government posting a negative start like his immediate predecessor, Jacob Zuma.
The country’s Gross Domestic Product was reported at a decline of 2.6 per cent in the first quarter and is the first recession since 2009.
On a year-on-year basis, the South African economy grew 0.4 per cent , but the second quarter GDP came in below Bloomberg’s median estimate for 0.6 per cent expansion
The currency rand falls 2.3 per cent to 15.2094 on the US Dollars near lunchtime in Johannesburg on the latest GDP report.