The BankservAfrica Economic Transactions Index, an early indicator of economic activity, dropped 1.7% in the first quarter compared with the prior three months. A median estimate in a Bloomberg survey of analysts is for a quarterly gross domestic product expansion of 0.2%.
The BETI is signaling the probability of a negative quarter-on-quarter number for the first three months,"which would mean that South Africa could dip into a technical recession", Kruger said in response to emailed questions. Gross domestic product contracted 1.3% in the final quarter of last year. Annual manufacturing production fell 5.2% in February, a fourth straight decline and the steepest since April last year. The purchasing managers’ index compiled by S&P Global, which measures the performance of the private sector, declined to 49.7 last month, signalling contraction.
_Business Fixed the headline for you. 💁🏻♂️ South Africa’s economy probably entered a technical recession with a second straight quarterly contraction, proudly brought to you by the MYANC according to an index that tracks interbank payments.
_Business What a bad news for the country at this critical time
_Business Viva
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IMF cuts growth forecasts, with South Africa taking the biggest hit | BusinessThe International Monetary Fund trimmed its global-growth projections, warning of high uncertainty and banking sector stress. | News24_Business
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