- South Africa entered into recession after the GDP decreased yet again
- South Africans can expect a tough economic time despite President Ramaphosa's economic growth promises
- Agriculture and trade are the biggest influences on South Africa's economy
President Ramaphosa's promises of a new dawn for South Africa seems even more unrealistic as South Africa enters a 'technical recession'.
On Tuesday morning, 4 September, The South African reported that figures showed a decrease in GDP (Gross Domestic Product) for the months of April-June. The GDP has dropped by 0.7%.
South Africa's economy was off to a rocky start at the beginning of 2018 and things have not improved, despite the president's promises and hope.
StatsSA revealed the latest economic statistics and it looks bad for South Africans. The economy contracted by almost 1% and dumped SA in a recession.
According to the information shared by StatsSA, the economy saw a GDP decrease of 2.6% in the first quarter of the year and this was followed by the recent 0.7% decrease.
Briefly.co.za learned that trade, transport and agriculture were the biggest negative contributors.
Forestry, catering, and transport also suffered declines in the previous three months.
On the slightly bright side, real estate, finance and mining saw a little bit of growth, but not enough to keep the country from slipping into economic distress.
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