SOUTH AFRICA'S ECONOMY SLIPS INTO RECESSION 6 MONTHS AFTER PRESIDENT RAMAPHOSA WAS SWORN IN

According to Bloomberg, South African economy slipped into a technical recession as recent economic data by the country’s statistics agency showed second quarter gross domestic product (GDP) declined by about -0.7 per cent, due to poor performance in agriculture, transport and retail businesses.

It is the first time the South African economy will be going into recession since 2009, reportedly.

Since assuming office, Ramaphosa has been struggling with pulling the economy from the precipice after more than a decade of decline.  “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,” Reuters News quoted South Africa’s Statistician-General, Risenga Maluleke as saying following the latest economic indices were published.

The country’s statistics agency said productivity from the agricultural sector plunged 29.2 per cent in the second quarter, while the transport, communication and storage sector also dropped 4.9 per cent. Mining sector recorded a growth of 4.9 per cent and finance by 1.9 per cent.

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