South Africa’s economy shrank by a shocking 3.2% in the first quarter of 2019, the largest decline seen since the global financial crisis 10 years ago.
Statistician-general Risenga Maluleke says the 3.2% contraction in the first quarter of 2019 from the previous one is the largest since the global financial crisis. In other words, the last time the economy shrank by such a large percentage was during the first quarter of 2009, when the economy declined by 6.9%.
The mining and quarrying industry contracted by 10.8% from the last three months of 2018, contributing a -0.8 of a percentage point to GDP growth. The agriculture, forestry and fishing industry contracted by 13.2%, contributing -0.3 of a percentage point to GDP growth. The dismal GDP print has also raised fears that SA’s economy might fall into a technical recession if figures for the second quarter of 2019 are also negative. A technical recession is two consecutive quarters of negative growth. In 2018, SA entered a recession for the first time since the global financial crisis.
Shock? If the government didn't see it coming a mile off I pity us. Any reasonable person could see this. Maybe they were too busy electioneering
Incompetence reigns supreme !
Soon they will run out of tax revenue and then uncle Tom cannot be blamed anymore. We need to make SA a tax heaven with no BEEE etc, allow everybody than can create jobs to go wild in doing so, use the army to stabilize security, and then investors may return to create jobs
All the fantastic ideas from MYANC led by CyrilRamaphosa led to this, they only think of ways to destroy the economy.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SA economy declines by 3.2% in first quarter of 2019 - Stats SA | IOL Business ReportSouth Africa's economy contracted by 3.2 percent in the first three months of 2019.
Source: IOL - 🏆 46. / 51 Read more »
BUSINESS MAVERICK: Race for low-to-middle income consumers heats up in SA’s insurance industrySA’s financial services sector is in for a shake-up. Discovery Bank, TymeBank and Bank Zero, which are underpinned by technology, will change the way in which people bank. In the process, they will challenge the dominance of the big four banks. The boring insurance industry will also reform, with the emergence of new players, African Rainbow Life and Sithega Holdings, which want to serve low-to-mid income consumers.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: SA Needs `Robust Action’ to Cut Fiscal Gap, IMF SaysSouth Africa needs to take “robust actions” to reduce its fiscal deficit and reverse the increase in public debt, the International Monetary Fund said Let’s explain that to Cyril “the tortoise” Ramaphosa But we have a govt unable to make the really tough decisions
Source: dailymaverick - 🏆 3. / 84 Read more »
BUSINESS MAVERICK: South Africa’s carbon tax raises questions and hot airAs of Saturday 1 June, South Africa’s government is taxing carbon. This policy is designed to make polluters pay and help the continent’s most industrialised economy meet its targets to reduce the emissions of greenhouse gases linked by most scientists to climate change – the burning ecological issue of our era. But is it an appropriate policy for a developing economy with energy-intensive industries?
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: SAA CEO Jarana resigns, placing SAA’s turnaround plan in questionNot again. Not another one. SAA CEO Vuyani Jarana has resigned, becoming the eighth SAA CEO to resign in the space of six years, raising the question of whether the airline is now so run down from years of mismanagement and corruption that it's possible to save it at all. And there is the niggling issue of whether government even wants to save it.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Cartoon Friday: RicoU misleading the nation, ANC bankrupted VBS not EFF
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Liquidity risks haunts China’s fast-growing bond marketsJust as Beijing is opening up to outsiders its byzantine regulatory framework and patchy trading volumes could cause a shock in the country’s debt market. But pravingordhan must be held account him and PresJGZuma there is no difference all have violated the constitution. Pravin is not above the law. Did u get that clear?
Source: dailymaverick - 🏆 3. / 84 Read more »