• Tuesday , 22 Aug 2017
Published : 06 Jun 2017, 21:14:43AA-A+
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SA falls into 2nd recession in a decade

Online Desk
South Africa has fallen into recession for the first time in eight years after economic growth 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, reports BBC.


It is the first time that economic has slowed 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."


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