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.
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