The province has entered a technical recession due to factors including high unemployment rate and slow economic growth.
Eastern Cape has officially entered a technical recession. The province’s economy is in recession after contracting for the third consecutive quarter.
Eastern Cape is amongst the least contributors to the national GDP by 7.9%. The biggest province in the country, Northern Cape contributed the least to the national GDP at 2.1%, followed by Free State with 4.7%, North West with 6.2%, Limpopo with 7.1%, and Mpumalanga with 7.3%.While the province’s economy contracted in the first quarter of 2024, only two industries, agriculture and electricity, saw growth.
iCEO of ECSECC, Luvuyo Mosana told Newzroom Afrika the news that the province has entered a recession does not come as a surprise. However, they were surprised they did not predict the recession happening in the first two quarters. Mosana said they did not anticipate the declines to go into the third quarter.
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