South Africa has entered recession in the second quarter for the first time since 2009, data showed today, in a stinging blow to President Cyril Ramaphosa’s efforts to revive the economy after a decade of stagnation.
Statistics South Africa said the economy contracted by zero-point-seven-percent quarter-on-quarter, led by declines in the agricultural, transport and retail sectors.
The rand stretched losses against the dollar to more than two percent and government bonds fell after the data was released. Analysts had predicted the economy would grow zero point six percent in the latest quarter.