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South Africa slips into recession for second time in eight years
Let’s unpack this further. What exactly is GDP and why is it so important?
Data from Statistics South Africa indicate the economy shrunk by 0.7% in the first quarter of 2017 after shrinking by 0.3% in the last three months of 2016.
Weak manufacturing and trade have been blamed for the contraction and this is the first time that economic has slowed for two consecutive quarters since 2009.
The value of the rand fell by 1% on the currency markets.
There have however been individual quarters of negative growth in more recent years. CGTN’s Sumitra Nydoo gives more data on this story.
