Tuesday, 6 June 2017

South Africa's Economy Crashes Like Nigeria, Falls Into Recession For The Second Time

South Africa's Economy is officially in recession - for the second time in 8 years after the country's economic growth crashed by 0.7% in the first quarter of 2017 (January to March).

Ananlysts had expected the economy to grow by 0.9%, BBC reports.

However, SA's Deputy Director of Economic Statistics Joe de Beer said the economic downturn followed two quarters of negative growth, with 0.3% contraction in the last quarter of 2016.

The South African Rand had also fallen by over 1% accoring to the latest GDP report from the currency market.

Nigeria had also slipped into recession in August 2016, although there have been several indications that the country's economy is recuperating.

Jacob Zuma, President of South Africa.
The news has been received with mixed reactions on social media.

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