South Africa’s Economy Slumps Into Recession

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September 4, 2018

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South Africa’s economy contracted by 0.7 percent in the second quarter in quarter-on-quarter terms, pushing the country into recession after a revised 2.6 percent contraction in the first quarter, data from Statistics South Africa showed on Tuesday.

The second-quarter gross domestic product (GDP) reading was much worse than the 0.6 percent expansion analysts had predicted.

Stats SA data also showed economic output rose 0.4 percent on an unadjusted year-on-year basis in the second quarter, versus analysts’ predictions for growth of 1.0 percent.

'Dotun Akintomide

'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

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