What a Technical Recession Means for SA and Consumers - Ian Cruickshanks

Publication Date:
6 June 2017
South Africa, Currencies, Economy, Business and Finance

The South African economy has moved into a recession. This after the country's Gross Domestic Product decreased by 0.7% during the first quarter of 2017. This follows 0.3% contraction in the fourth quarter of 2016. An economy is technically in a recession following two-quarters of negative growth. 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-point- 7 percent and contributed negative 0-point-5 of a percentage point. The Rand has extended losses by nearly one percent on the news.

Follow AllAfrica

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.