South Africa feels chill of recession

08 September, 2018, 06:01 | Author: Mary Valdez
  • South Africa Enters Technical Recession

South Africa's unexpected slump into a second recession in nearly a decade has boosted fears of another round of credit-rating downgrades that could see a sell-off in local-currency bonds.

Household final consumption expenditure decreased by 1.3 percent in the second quarter of 2018 contributing a negative 0.8 percentage point to total growth.

Agricultural output fell 29.2 percent in the second quarter, while the transport, communication and storage sector fell 4.9 percent.

According to Stats SA, South Africa's gross domestic product (GDP) fell by 0.7% in the second quarter of 2018. Analysts had predicted the economy would grow 0.6% in the latest quarter.

Meanwhile, previously reported that Nigeria experienced its worst economic session in 2015.

"We understand the impatience of South Africans because we want things delivered as of yesterday‚" said Nene. While the mining, finance, real estate and business services industries were the main positive contributors.

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SA has plunged into a recession with a surprise 0.7% contraction in the second quarter of the year.

South Africa entered recession in the second quarter for the first time since 2009, data showed on Tuesday, in a stinging blow to President Cyril Ramaphosa's efforts to revive the economy after a decade of stagnation.

It noted that optimism over president Ramaphosa's economic plan has waned, while a worsening trade war, or a slowdown in China, may push the commodity-dependent economy further downhill.

Democratic Alliance leader Mmusi Maimane said he would write to National Assembly speaker Baleka Mbete requesting an urgent debate on how to get the country's economy "up and running again". That followed a 2.6% contraction in the previous quarter.

For the local market, "there seems to be no sign of halting the downtrend" for emerging-market assets, said Koji Fukaya, chief executive officer at FPG Securities Co in Tokyo. "You will expect an economy to shrink if you increase VAT if you impose sugar tax if you have fuel increases that have led to us having the cost of living that is going to the roof", said Cosatu spokesperson, Sizwe Pamla. I don't think it will be a dramatic increase but the point is, the next move in interest rates are likely to be higher.


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