South Africa in a recession for the third time since 1994 as growth slows to 0.2% it's lowest level since 2009.
The latest Gross Domestic Product data released by Statistics SA’s Statistician-General Risenga Maluleke on Tuesday shows that South Africa’s economy declined to a 0.2% growth in 2019 from a 0.8% growth in the previous year.This is South Africa’s third official recession since 1994, according to Stats SA.
This is also South Africa’s worst level since 2009 and is the sixth consecutive year that the economy posted growth of below 2%. Of the 10 industries that contribute to the GDP basket, only three managed to grow: finance, mining and personal services.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Democracy will flounder sans Stats SA - The Mail & GuardianAs the government bails out state-owned entities, it is leaving a hole in the budget of the agency tasked with telling us what South Africa looks like — one that is crucial to government decisions.
Read more »
Mozambique gas can spur SA construction and manufacturing sectorNiall Kramer, said South Africa – coupled with last year’s discovery of an estimated 1 billion boe in natural gas 175km off our southern Cape coast – was potentially “the biggest economic catalyst since mining”.
Read more »
Coronavirus quarantine site for repatriated SA citizens to be a strict no-go zoneThe coronavirus quarantine site for about 151 uninfected South Africans who are to be repatriated from the city that’s the epicentre of the outbreak will be a strict no-go zone. TheStar_news
Read more »
It's official: SA was in recession in 2019, poor numbers shock economistsThe economy shrank 1,4% in quarter four, from a revised contraction of 0,8% in the previous quarter
Read more »
SA must be realistic, reduce state wage bill for growth and jobs: Ramaphosa“A large part of the savings will come from reducing the rate at which our wage bill grows.”
Read more »
Coronavirus: 121 in SA tested thus far and still no cases, assures Mkhize121 people have been tested for the coronavirus in SA
Read more »