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South Africa Slips Into Recession - Foreign Affairs - Nairaland

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German Economy Plunges Into Recession Over COVID-19 / Italy Slides Into Recession, Darkening Outlook For Europe / South Africa Slips Into Technical Recession As GDP Drops 0.7% In Q2 (2) (3) (4)

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South Africa Slips Into Recession by 2mercy: 2:31pm On Mar 03, 2020
South Africa slipped into recession in the final three months of 2019, the country’s statistics bureau said on Tuesday, the third contraction to hit the economy since the end of apartheid in 1994.

The weak performance adds pressure on President Cyril Ramaphosa’s administration which has been struggling to keep his election pledge to revive economic activity. Instead, South Africa remains dogged by high and rising debt, low growth and soaring unemployment. Gross domestic product fell by 1.4 percent in the fourth quarter, after dropping by 0.8 percent in the previous three months, Statistics South Africa said.

This took growth in Africa’s most industrialised country for all of 2019 to just 0.2 percent, its lowest reading since the global financial crisis in 2009. Weak agriculture output and transport were the main drags on growth, StatsSA said, followed by construction, mining and manufacturing, which outweighed positive contributions from finance and government spending.

Seven of the nation’s 10 economic sectors contracted in the fourth quarter, Stats SA said. “Finance, mining and personal services managed to keep their heads above water, but this was not enough to prevent the economy from sliding into its third recession since 1994,” it remarked.

Drought in parts of the country and floods in others hurt agriculture and power station output, leading to disruptions in electricity, gas and water supplies. Recession is defined as two consecutive quarters of negative growth. South Africa previously went into recession in 2008/2009 and then again in 2018.

The International Monetary Fund last year urged more “decisive” reforms to boost private investment in South Africa, forecasting economic growth to remain sluggish for a sixth consecutive year in 2020. (AFP)
https://www.dailytrust.com.ng/south-africa-slips-into-recession-2.html

2 Likes 1 Share

Re: South Africa Slips Into Recession by helinues: 2:33pm On Mar 03, 2020
Ghe Ghehun!!!

11 Likes 2 Shares

Re: South Africa Slips Into Recession by Hisroyalbadmeat(m): 2:35pm On Mar 03, 2020
Gosh undecided

9 Likes 1 Share

Re: South Africa Slips Into Recession by eyescue(m): 2:42pm On Mar 03, 2020
Could this be reprisal of what happened between Naija and SA? Thinking out loud. Because a lot of economic activities were crippled

114 Likes 2 Shares

Re: South Africa Slips Into Recession by Adelekesaka(m): 2:44pm On Mar 03, 2020
eyescue:
Could this be reprisal of what happened between Naija and SA? Thinking out loud. Because a lot of economic activities were crippled

Yes bro did they reason that those action of theirs could effect their economy?

59 Likes 4 Shares

Re: South Africa Slips Into Recession by emmanuel4758(m): 2:45pm On Mar 03, 2020
grin
Re: South Africa Slips Into Recession by KmniAutos(m): 2:48pm On Mar 03, 2020
Ok


If you sell any if these sculptured Globe map or Nigerian cost of Arm and you in Lagos,please mention me ASAP....thanks

12 Likes 4 Shares

Re: South Africa Slips Into Recession by DModeCntStopMe: 2:48pm On Mar 03, 2020
grin

I guess, Nigerians should be blamed for this

I warned them not to have anything to do with the failure, they refused.

Since their president with his entourage visited Mr lifeless in Abuja during the xenophobic era, their economy has never been the same hence the lifeless situation they found themselves in

They should sue the terrorist in Abuja

31 Likes 6 Shares

Re: South Africa Slips Into Recession by Emu4life: 2:48pm On Mar 03, 2020
Don't tell me Buhari is doing well economically.cheesy

2 Likes 2 Shares

Re: South Africa Slips Into Recession by bro4u: 2:48pm On Mar 03, 2020
Serves their xenophobic ass right...

20 Likes 1 Share

Re: South Africa Slips Into Recession by realstars: 2:48pm On Mar 03, 2020
The innocent blood of nigerians buried they has collected our plough to them. Their own will be the worst in this coronervirus outbreak,.

3 Likes

Re: South Africa Slips Into Recession by Area4Area: 2:49pm On Mar 03, 2020
Buhari, Tinubu and APC caused it, they are wicked. Lol

5 Likes

Re: South Africa Slips Into Recession by NaijaMutant(f): 2:49pm On Mar 03, 2020
I'm only waiting for Buhari to offer to help South Africa overcome the recession




Just like the way terrorism in Libya gave him sleepless nights grin

53 Likes 1 Share

Re: South Africa Slips Into Recession by Yankiss(m): 2:49pm On Mar 03, 2020
Let them continue hating on Nigerians. South Africa will grind to a halt. The blood of the Innocent Xenophobe victims is fighting back. They never see something. Until they wholeheartedly apologize and seek atonement for their atrocities, it will be sad news from that end!

9 Likes 2 Shares

Re: South Africa Slips Into Recession by Glorylynn: 2:49pm On Mar 03, 2020
Person wey no go school sabi economy?




quote author=Adelekesaka post=87133376]

Yes bro did they reason that those action of theirs could effect their economy?[/quote]

4 Likes

Re: South Africa Slips Into Recession by nurez305(m): 2:49pm On Mar 03, 2020
Upon the recession , how much is south Africa Rand to Nigeria naira cool

11 Likes

Re: South Africa Slips Into Recession by MZrapper(f): 2:49pm On Mar 03, 2020
Not again. grin

1 Like

Re: South Africa Slips Into Recession by wilemer: 2:49pm On Mar 03, 2020
Sorry o
Re: South Africa Slips Into Recession by masterP042(m): 2:49pm On Mar 03, 2020
When they're busy pursuing foreigners away, how do they intend to attract foreign direct investment, an instrumental factor in economic growth.

18 Likes 1 Share

Re: South Africa Slips Into Recession by potent5(m): 2:49pm On Mar 03, 2020
Who else noticed that the map of South Africa looks like a pig upside down.


grin

35 Likes 3 Shares

Re: South Africa Slips Into Recession by NaijaMutant(f): 2:49pm On Mar 03, 2020
eyescue:
Could this be reprisal of what happened between Naija and SA? Thinking out loud. Because a lot of economic activities were crippled



Lol, see myopic reasoning.


South Africa even controls Nigeria economy through MTN, Stanbic IBTC, ShopRite and the rest. undecided

7 Likes 2 Shares

Re: South Africa Slips Into Recession by Legalcriminal: 2:49pm On Mar 03, 2020
sad
Re: South Africa Slips Into Recession by Fweshspice(m): 2:49pm On Mar 03, 2020
grin
Re: South Africa Slips Into Recession by Kingluqman(m): 2:50pm On Mar 03, 2020
Well done grin grin

1 Like

Re: South Africa Slips Into Recession by Ogurube: 2:50pm On Mar 03, 2020
wow
Re: South Africa Slips Into Recession by Beautybunmi(f): 2:50pm On Mar 03, 2020
mighty south Africa

Re: South Africa Slips Into Recession by TRUSTEDGUY: 2:50pm On Mar 03, 2020
grin

Africa and it's bundle of bad news abeg we don tire yo
Re: South Africa Slips Into Recession by REALHEAVEN: 2:50pm On Mar 03, 2020
KmniAutos:
v
Fweshspice:
grin
potent5:
Wh
masterP042:
angry
wilemer:
Sorry o
Glorylynn:
Person wey no go school sabi economy?





.d

Nothing differentiates you guys from MANNABBQGRILLS-----attention seekers.

6 Likes

Re: South Africa Slips Into Recession by Patrioticman007(m): 2:50pm On Mar 03, 2020
Finally, nemesis has caught up with them. Nigeria is now the largest economy in Africa.

1 Like

Re: South Africa Slips Into Recession by XklusivGistBlog(m): 2:50pm On Mar 03, 2020
Good for them. Wicket ppo undecided

4 Likes

Re: South Africa Slips Into Recession by money121(m): 2:50pm On Mar 03, 2020
Lobatan

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