This is the second recession under President Cyril Ramaphosa’s leadership and comes as he battles with Eskom’s load-shedding and weak business confidence.
and weak business confidence. A recession occurs when the economy experiences two consecutive quarters of negative economic performance.. This is the lowest level since 2009, when the economy contracted by 1.5%.
Azar Jammine, an economist at consultancy firm Econometrix, says this recession means things are going to get tougher for South Africans. “We are getting poorer and poorer and life will get more difficult.” Similarly, decreased economic activity was reported for land and air transport, as well as the transport-support service industry.
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