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South Africa Falls Into Second Recession In A Decade - Foreign Affairs - Nairaland

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South Africa Falls Into Second Recession In A Decade by Perciel: 11:12pm On Aug 15, 2017
South Africa has fallen into recession for the first time in eight years after the economy shrank by 0.7% between January and March.
The downturn, due to weak manufacturing and trade, follows a 0.3% fall in GDP in the final quarter last year.
It is the first time that the economy has contracted for two consecutive quarters - the technical definition of a recession - since 2009.
The value of the rand fell by 1% on the currency markets.
Analysts had expected GDP to grow by 0.9% during the first quarter. However, Joe de Beer, deputy director general of Statistics South Africa, said: "We can now pronounce that the economy is in recession."
He added: "The major industries that contracted in the economy were the trade and manufacturing sectors."
Junk status
Africa's third-largest economy is under pressure after President Jacob Zuma fired its respected finance minister, Pravin Gordhan, earlier this year.
It prompted two credit rating agencies, Standard and Poor's and Fitch, to downgrade South Africa's credit worthiness to junk.
This means it is more expensive for South Africa to borrow money, because it is seen as having a higher risk defaulting on its debts.
Last week, S&P and Fitch pointed to further concerns about the South African economy, including uncertainty over who will succeed President Zuma as leader of the ruling African National Congress.
A successor is expected to be chosen in December, but Mr Zuma can remain as head of state until an election in 2019.

Source: http://www.bbc.com/news/business-40173590

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Re: South Africa Falls Into Second Recession In A Decade by ameri9ja: 11:16pm On Aug 15, 2017
Zuma don't give a 4ck

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Re: South Africa Falls Into Second Recession In A Decade by bencrane(m): 11:17pm On Aug 15, 2017
nah you push them go recession
they are beta than nigeria
Re: South Africa Falls Into Second Recession In A Decade by fk001(m): 11:17pm On Aug 15, 2017
Welcome they should also taste it
Re: South Africa Falls Into Second Recession In A Decade by bencrane(m): 11:18pm On Aug 15, 2017
recession everywhere...
God help us

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Re: South Africa Falls Into Second Recession In A Decade by internationalman(m): 11:51pm On Aug 15, 2017
Even if it's 10 recession, but I'm sure non of dem can b compared to d one I have experienced and still experiencing in naija.
Re: South Africa Falls Into Second Recession In A Decade by Jesusloveyou: 12:10am On Aug 16, 2017
And Nigeria is technically out of recession
Re: South Africa Falls Into Second Recession In A Decade by acenazt: 12:26am On Aug 16, 2017
They should now come and blame the recession on Nigerians

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