South Africa falls into second recession in a decade

  |   Ghana News / World News / Nigeria News

South Africa has fallen into recession for the first time in eight years after economic growth shrank by 0.7% between January and March. The downturn, due to weak manufacturing and trade, follows a 0.3% fall in GDP in the final quarter last year.

It is the first time that economic has slowed for two consecutive quarters - the technical definition of a recession - since 2009. The value of the rand fell by 1% on the currency markets.

Analysts had expected GDP to grow by 0.9% during the first quarter. However, Joe de Beer, deputy director general of Statistics South Africa, said: "We can now pronounce that the economy is in recession."

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