South Africa Enters Recession

South Africa entered recession in the second quarter for the first time since 2009, according to data released on Tuesday by the country’s Statistician-General, Risenga Maluleke. The statistics show the economy contracted by 0.7 percent in the second quarter, led by declines in the agricultural, transport and retail sectors.

IMG 20180904 120431

Despite the prediction of analysts that the economy would grow 0.6 percent in the latest quarter, the rand instead stretched losses against the dollar to more than 2 percent while government bonds fell. “We are in a recession. We reported a contraction in the first quarter … and now in the second quarter with a fall of 0.7 percent,” Maluleke said. Agricultural output fell 29.2 percent in the second quarter, while the transport, communication and storage sector fell 4.9 percent.

On the positive side, however, mining output grew by 4.9 percent and finance by 1.9 percent. Stats SA also said the economic contraction in the first quarter was steeper than initially recorded, at 2.6 percent. Analysts said the dismal data would likely make it harder for the South African Reserve Bank to raise interest rates at its upcoming meetings.

Stay Connected , follow us on: Facebook: @creebhillsdotcom, Twitter: @creebhillsblog, Instagram: @creebhills, Pinterest: @creebhills Telegram: creebhills

To place an advert/sponsored post on our site, contact us via
Previous articleTBoss reacts after being listed among the worst dressed celebrities at AMVCA 2018
Next articleE-commerce giant Amazon now worth $1 Trillion
I'm the Chief- Editor at CreebHills. We strive to constantly provide news in various domains in connection to the Nigerian region and the rest of the world. I work also as a PR and Brand Specialist and aim to grow Creebhiils as a brand to reach mass audiences. You can reach out to me at


Please enter your comment!
Please enter your name here