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South Africa Slips Into Recession

 

South Africa slipped into recession within the remaining three months of 2019, the nation’s statistics bureau stated on Tuesday, the third recession to hit the nation for the reason that finish of apartheid in 1994.

Gross home product fell by 1.four p.c within the quarter, after dropping by zero.eight p.c within the earlier three months, Statistics South Africa stated.

This took South Africa’s development for all of 2019 to simply zero.2 p.c, its lowest studying for the reason that international monetary disaster in 2009.

Weak agriculture output and transport had been the principle drags on development, StatsSA stated, adopted by development, mining and manufacturing, which outweighed optimistic contributions from finance and authorities spending.

Recession is outlined as two consecutive quarters of unfavorable development.

South Africa beforehand went into recession in 2008/2009 after which once more in 2018.

AFP

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