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South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 - Foreign Affairs - Nairaland

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South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by dipoolowoo: 11:36am On Sep 04, 2018
By Dipo Olowookere

Reports from South Africa show that the country’s economy, the second largest in Africa, has again dropped into a technical recession.

This was after the nation’s Gross Domestic Product (GDP) for the second quarter of 2018 compressed further by 0.7 percent, according to figures released on Tuesday by Stats SA.

This marks two consecutive periods of contraction the country was recording, which therefore equates to a recession.

Business Post reports that in the first quarter of this year, South Africa’s GDP contracted by 2.6 percent.

“Real gross domestic product (measured by production) decreased by 0.7 percent in the second quarter of 2018, following a decrease of 2.6 percent in the first quarter of 2018.

“The largest negative contributors to growth in GDP in the second quarter were agriculture, transport and trade,” the Stats SA said in its report today.

This is the first recession South Africa is entering into since its new leader, Mr Cyril Ramaphosa, took over from Mr Jacob Zuma, who also witnessed an economic recession while in office.

https://www.businesspost.ng/2018/09/04/breaking-south-africa-slips-into-recession-again-q2-gdp-drops-0-7/

1 Like 1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by muykem: 11:40am On Sep 04, 2018
Thank God for giving us Buhari.

54 Likes 3 Shares

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Rebelutionary: 11:40am On Sep 04, 2018
Thank God for this present government because ours will have been worse than Venezuela plus Zimbabwe... Cos we can't imagine a fast spreading bokoharam insurgency and an economy in recession...

60 Likes 3 Shares

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by fiizznation: 11:42am On Sep 04, 2018
muykem:
Thank God for giving us Buhari.
Exactly

32 Likes 1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by KenOne: 12:19pm On Sep 04, 2018
PDP and it's supporters will avoid this news. Oh i forgot they are making a defence to put up why South Africa slide into recession.

Here are the defence:

1) Even if South Africa went into recession their country is still better than Nigeria.

2) The recession South Africa went into is different from Nigeria's own. Infact South Africa recession is better.

Oga recession is recession!

49 Likes 2 Shares

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Factfinder1(m): 12:19pm On Sep 04, 2018
They will bounce back in less than 2 months but nothing good is going to happen to Nigeria's GDP until the lifeless dullard goes back to daura

7 Likes 6 Shares

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by hahahahahaha(m): 12:19pm On Sep 04, 2018
Chase all the white people out so their country can sink into proper recession.

8 Likes

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by ugochukwufrenzy(m): 12:19pm On Sep 04, 2018
muykem:
Thank God for giving us Buhari.
amen,,and may God rule rule your life d way buhari is ruling Nigeria....cmon,will u shout amen

8 Likes

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Lordofthewest(m): 12:19pm On Sep 04, 2018
Ok

1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Cletus77(m): 12:19pm On Sep 04, 2018
Thugs will just be opening multiple accounts on NL... It is not easy to login all your accounts so you can like your own post many times

6 Likes

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Teewhy2: 12:20pm On Sep 04, 2018
What is the standard of living of average people in S.A that are in technical recession compared to Nigeria that is out of recession.

4 Likes 1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Topaz08(m): 12:20pm On Sep 04, 2018
Na wa o
Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Nobody: 12:20pm On Sep 04, 2018
None of my business

1 Like

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by GavelSlam: 12:21pm On Sep 04, 2018
SolutionMee:
cheesy

Honestly, Nairaland is under invasion. This platform have been invaded by hoodlums. The way some youths pledge allegiance in reelecting Buhari next year creates an impending fear on the progress of this nation. Buhari!!!
Never again.

They have seen the light, the progress on infrastructure, electricity supply and aid to the poor.

They've compared just over 3 years of infrastructural growth with that of the past and simply reached the expected conclusion.

One day, even you shall see the light.

23 Likes

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by TheKingIsHere: 12:21pm On Sep 04, 2018
Since black south africans too charge of the economy, the SA economy has been nose diving.

Most blacks are bad managers, e.g Most Nigerians are also bad mangers

Such a pity.

1 Like 1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by philpwresh(m): 12:21pm On Sep 04, 2018
B
Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Cletus77(m): 12:21pm On Sep 04, 2018
GavelSlam:


They have seen the light, the progress on infrastructure, electricity supply and aid to the poor.

They've compared just over 3 years of infrastructural growth with that of the past and simply reached the expected conclusion.

One day, even you shall see the light.
Sharap

1 Like

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by youngbabaj(m): 12:23pm On Sep 04, 2018
hater will still say .Nigeria will be better than how it is now if Gej is still in power


in ibadan tongue I pity ur condition

4 Likes 1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Esseite: 12:23pm On Sep 04, 2018
Hmmm
Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by GavelSlam: 12:25pm On Sep 04, 2018
Cletus77:

Sharap

Your peculiar case requires lobotomy and nothing more.

4 Likes 1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by budusky05(m): 12:25pm On Sep 04, 2018
Rebelutionary:
Thank God for this present government because ours will have been worse than Venezuela plus Zimbabwe... Cos we can't imagine a fast spreading bokoharam insurgency and an economy in recession...

They now looting shops in south Africa due to economic hardship.

3 Likes

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Nobody: 12:26pm On Sep 04, 2018
This is due to the farmland takeovers and the killing of Whites there. They have shrunken and scared off investment and white businesses are leaving. Tough situation. Either stick with the current economic inequality amongst Blacks and whites or liberate blacks, give them back their land and go down Zimbabwe's route all in the name of African liberalism. It is tough being black in the White mans world...

2 Likes 1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by hustla(m): 12:26pm On Sep 04, 2018
Africa is just cursed.. With all the abundant resources and everything, na to thief and cheat each other we Sabi

I wonder why they gave us independence Smh
Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Cletus77(m): 12:26pm On Sep 04, 2018
GavelSlam:


Your peculiar case requires lobotomy and nothing more.
Once again Sharap

1 Like

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by sdindan: 12:28pm On Sep 04, 2018
grin
Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by Nobody: 12:30pm On Sep 04, 2018
dipoolowoo:
By Dipo Olowookere

Reports from South Africa show that the country’s economy, the second largest in Africa, has again dropped into a technical recession.

This was after the nation’s Gross Domestic Product (GDP) for the second quarter of 2018 compressed further by 0.7 percent, according to figures released on Tuesday by Stats SA.

This marks two consecutive periods of contraction the country was recording, which therefore equates to a recession.

Business Post reports that in the first quarter of this year, South Africa’s GDP contracted by 2.6 percent.

“Real gross domestic product (measured by production) decreased by 0.7 percent in the second quarter of 2018, following a decrease of 2.6 percent in the first quarter of 2018.

“The largest negative contributors to growth in GDP in the second quarter were agriculture, transport and trade,” the Stats SA said in its report today.

This is the first recession South Africa is entering into since its new leader, Mr Cyril Ramaphosa, took over from Mr Jacob Zuma, who also witnessed an economic recession while in office.

https://www.businesspost.ng/2018/09/04/breaking-south-africa-slips-into-recession-again-q2-gdp-drops-0-7/
. Heard about it. Black factor is stylishly destroying SA economy . Only the facilities their colonialists left behind are what people could point to. The moment Mandela left after promising a single term rule, (unlike buhari who said he'd do only 4 years as widely quoted but now changing his mind and that's the reason mandela would continue to be delebrated or centuries to come) the SA's successive governments have been greeted with one corruption case to another.

1 Like

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by GavelSlam: 12:30pm On Sep 04, 2018
Cletus77:

Once again Sharap

Clarus.

grin

2 Likes

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by famosh: 12:33pm On Sep 04, 2018
GavelSlam:


They have seen the light, the progress on infrastructure, electricity supply and aid to the poor.

They've compared just over 3 years of infrastructural growth with that of the past and simply reached the expected conclusion.

One day, even you shall see the light.
Don't mind those goats, bro! Buhari is doing quite well with the economy considering the fact that he met a GDP growth that had been destroyed from 7.68% down to 2.35%, foreign reserves plunged by over $22bn, foreign direct investment plunged, savings & common wealth "Dasukied & Diezanied," etc, all this despite the oil boom & having the so-called "best economist" in the world in Okonjo! Buhari had to tackle all this with oil prices going as low as $29/barrel within 6 months! Abeg, which magic the Ogbanjes dey expect from Baba before?
The dunces think we've forgotten, but we'll continue to remind them that we remember where we're coming from & we're now making progress!

13 Likes 1 Share

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by mustmust(m): 12:33pm On Sep 04, 2018
i dont beleive any thing technical since our goverment have been talking of technical defeat for boko haram[i][/i]
Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by 4Play(m): 12:34pm On Sep 04, 2018
South Africa was also in recession when GEJ was in power, whilst Nigeria was not. Should we then praise GEJ:


SA’s Recession: how did we get into this mess?
15:37 10/06/2014
South Africa’s economy plummeted into recession in the first quarter of this year for the first time since a recession in 2009. But how did we get into this mess? And how do we fix it? Analysts blame the current recession on low mining output due to a protracted strike in the platinum belt. But that’s not the whole story.

Gross domestic product fell (GDP) shrank 0.6% quarter-on-quarter in the first quarter after a 3.8% increase in the final quarter of 2013, Statistics South Africa said on May 27, 2014. GDP was dragged into negative territory by a 24.7% plunge in mining production and a 4.4% fall in factory output in the three months through March.[i] The rand fell to a low of 10.4570 against the US dollar on the back of this news, down about 1% on the day, and was still on the back foot at 10.4300.

[url]https://m.news24.com/MyNews24/SAs-Recession-how-did-we-get-into-this-mess-20140610 [/url]

2 Likes

Re: South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 by chukwutope: 12:35pm On Sep 04, 2018
Elect Buhari in SA and SA will turn into Nigeria.

2 Likes

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