Friday, November 22, 2024

South Africa enters recession for first time since 2009

Must read

Nigerian High Commission apartments in Ghana demolished

Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers. The apartments have been constructed to...

Covid-19: Ghana records significant recovery numbers

Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered. The significant number of recoveries means the country now...

DR Congo: President’s ex-chief of staff jailed 20 years for corruption

The ex-chief of staff of the president of the Democratic Republic of Congo has been jailed 20 years by a high court. Vital Kamerhe was...

Covid-19: Zimbabwe’s health minister arrested, charged for graft

Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million. Moyo is accused of illegally...
Isaac Kaledzihttps://en.wikipedia.org/wiki/Isaac_Kaledzi
Isaac Kaledzi is an experienced and award winning journalist from Ghana. He has worked for several media brands both in Ghana and on the International scene. Isaac Kaledzi is currently serving as an African Correspondent for DW.

South Africa on Tuesday entered into recession for the first time since 2009, according to second quarter data. That means the country has for two successive quarters recorded economic decline with a fall in Gross Domestic Product (GDP).

By entering into recession, it means South Africa’s trade and industrial activities reduced in two successive quarters.

Statistics South Africa released economic figure on Tuesday detailing how the economy contracted by 0.7 percent in the second quarter.

There were declines in the agricultural, transport and retail sectors, according to the latest figures.

The country’s currency the rand also recorded significant losses against the dollar to more than 2 percent. Government bonds fell as well.

South Africa’s Statistician-General Risenga Maluleke says “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.”


A senior economist at BNP Paribas Jeffrey Schultz is quoted by Reuters as saying “There is no way to sugar coat the numbers.

The growth picture in the first half of 2018 is ugly and it shows in this economy that there is broad based weakness across the primary and tertiary sectors of the economy.”

This could be seen as a big blow to President Cyril Ramaphosa who is hoping to revive the economy after a decade of stagnation.

 

 

Source: Africafeeds.com

- Advertisement -

More articles

- Advertisement -

Latest article

Nigerian High Commission apartments in Ghana demolished

Some new apartments built at the residence of the Nigerian High Commissioner in Ghana’s capital city Accra, have been demolished by bulldozers. The apartments have been constructed to...

Covid-19: Ghana records significant recovery numbers

Ghanaian health officials on Saturday said over 10,000 persons infected with the coronavirus have now recovered. The significant number of recoveries means the country now...

DR Congo: President’s ex-chief of staff jailed 20 years for corruption

The ex-chief of staff of the president of the Democratic Republic of Congo has been jailed 20 years by a high court. Vital Kamerhe was...

Covid-19: Zimbabwe’s health minister arrested, charged for graft

Zimbabwe's Health Minister Obadiah Moyo has been arrested over corruption allegations related to procurement of medical equipment worth $60 million. Moyo is accused of illegally...

Ghana’s new law that jails citizens not wearing facemask 10 years

Ghanaians who fail to wear the face masks in compliance with a presidential directive risk going to jail for ten years. They also face a...