Tuesday, 26th May 2009 at 7:53 pm by Rander
South Africa in a recession now as GDP drops


We heard Maki’s views yesterday with regards to the recession in South Africa. Today it is now official that South Africa is in a recession according to the statistics released. South Africa’s real gross domestic product (GDP) dropped on a quarter-on-quarter basis by -6.4% in the first quarter of 2009, from -1.8% in the fourth quarter of 2008.This signals the first recession in 17 years for South Africa. Before the release of these figures today, analysts had predicted growth to decrease by 3.9% so considering that it came in at 6.4% was a big shock.

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Comments

Charles on 27 May, 2009 at 1:28 pm #

This is considerably more than economists predicted - let’s hope for a decent interest rate reduction when the MPC meets on Thursday!


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