SA enters recession as GDP contracts for a consecutive quarter

06 Jun 2017

Lameez Omarjee

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(iStock)

Gross domestic product contracted 0.7% for the first quarter of 2017, indicating that the country has entered into a technical recession, according to deputy director-general of economic statistics at Statistics South Africa Joe de Beer.

The latest GDP data was released by Stats SA on Tuesday.

The contraction followed the GDP decline of 0.3% in the fourth quarter of 2016. In 2016, the economy grew only 0.3% for the year.

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