South Africa’s economy tipped into recession as it shrunk 0.7 percent in the second quarter, official data showed Tuesday, dealing a blow to President Cyril Ramaphosa who came to office in February.
The downturn, which was the second consecutive quarter of negative growth, was driven by contractions in agriculture, transport, trade and manufacturing industries.
StatsSA said agriculture was hit by a fall in field crops, drought in the Western Cape and severe hailstorms in Mpumalanga province that damaged production.
After a revised 2.6 percent contraction in the first quarter, the latest data piled pressure on Ramaphosa who has promised a “new dawn” after his predecessor Jacob Zuma’s scandal-tainted nine-year reign.
Micheal Power, an asset manager at Investec, said domestic and international events had combined to stall economic growth.
The elder sister of Nigerian singer Habeeb Okikiola Badmus, popularly known as Portable, has publicly apologized to Nigerians for his… Read More
Popular Anambra native doctor, Akwa Ọkụkọ Tiwara Aki, has been taken into custody by security operatives under the Anambra State… Read More
Reports of relationship expert Blessing CEO’s engagement and the identity of her supposed fiancé have set social media buzzing. Speculation… Read More
The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has directed the release of popular… Read More
Nnamdi Kanu, has advised against requests for his release, claiming he has not committed any crime. This was mentioned by… Read More
Priscilla Ojo, has taken on a new name after her wedding to Tanzanian singer Juma Jux She revealed her Tanzanian… Read More
This website uses cookies.