SA in first recession since 2009

SA in first recession since 2009

Since GDP contracted by 2.2% in quarter 1, the country is now officially in a technical recession, which means two consecutive quarters of negative growth.

The second consecutive q-o-q contraction in economic activity resulted in the South African economy being only 0,4% year-on-year (y-o-y) larger in 2018Q2 compared to the same time last year.

"The extent to which the latest GDP figures for the second quarter confirm that the SA economy is in a "technical recession" is bad news for business confidence and employment prospects".

"We are in a recession".

The first quarter's GDP growth has now also been revised to -2.6 percent.

Tuesday's GDP figures led many economists to cut their full-year growth forecasts for South Africa.

In addition, the statistics agency said agriculture declined the most, recording an annualised 29.2 per cent contraction, while mining production expanded 4.9 per cent from the previous quarter.

The main positive contributors were mining, up 4.9% and the finance, real estate and business services industry, which increased 1.9%.

Two pro-regime fighters killed in Damascus airport blast: monitor
Idlib and the surrounding area is home to some 3 million people - almost half of them already displaced a couple of times by the civil war.

Gross domestic product shrunk a seasonally adjusted and annualized 0.7 percent quarter-on-quarter, Statistics South Africa said Tuesday.

The buoyant market mood that took hold after he was elected leader of the ruling ANC in December and then president of South Africa in February appear to have dissipated.

President Xi Jinping pledged $60 billion to African nations at Monday's opening of a China-Africa forum on cooperation.

Speaking from Beijing in China‚ where he is attending the Forum on China-Africa Co-operation with President Cyril Ramaphosa‚ Nene said it was understandable for there to be a panic in the country, but insisted government had a plan to be unveiled at the MTBPS next month.

The bond maturing in 2044 fell one cent to reach the lowest level on record, according to Tradeweb, while the 2041 issue dropped 1.2 cents to set a fresh 2-1/2 month low.

The outcome casts a pall over the country's new leadership, providing an uncomfortable parallel with the initial phase nine years of Ramaphosa's predecessor, Jacob Zuma.

"Vasili Girasis, market trader at BP Bernstein said: "(There is) a lot of pressure on banks and retailers, as expected with such a weak rand.

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