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South Africa’s economy enters recession

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South Africa’s economy enters recession

The South African economy has entered recession after contracting for two consecutive quarters in 2018, available data from Statistics South Africa showed on Tuesday.

The rate at which the economy grew in the second quarter of 2018 dipped by 0.7 percent from a revised 2.6 percent contraction recorded in the first quarter of the year.

Stats SA data also showed agriculture, transport and trade sectors were the major drivers of the negative Gross Domestic Product (GDP) growth in the second quarter of 2018.

The GDP growth rate is the rate at which the value of all goods and services produced within a country’s border in a given period is rising.

In June 2017, the nation’s statistics agency had said the country’s economy slipped into technical recession for the first time since 2009 after the economy contracted in the first quarter. But the government later revised the data in the latter quarters of the year.

 

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