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Home International News South Africa hit by a recession
International News
June 6, 2017

South Africa hit by a recession

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President of South Africa, Jacob Zuma

President of South Africa, Jacob Zuma

SOUTH Africa is in a technical recession after its economy contracted to minus 0,7 percent in the first quarter of 2017.

It contracted to 0,3 percent in the final quarter of 2016.

The Rand extended losses to nearly one percent after the GDP data.  

Stats SA figures show the largest negative contributor to growth in GDP in the first quarter was the trade, catering and accommodation industry, which decreased by almost six percent and contributed negative 0,8 of a percentage point to GDP growth.

The manufacturing industry contracted by 3,7 percent and contributed negative 0,5 of a percentage point.

The largest contributor to the decrease was the petroleum, chemical products, rubber and plastic products division. – www.sabc.co.za