South Africa slips into recession
Updated | By Jacaranda FM News
South Africa enters a recession as the country's(GDP) contracts for a consecutive quarter.
The GDP has contracted 0.7% during the first quarter of 2017. Statistics South Africa released the latest numbers today.
The contraction in the first quarter of the year follows a 0.3% contraction at the end of last year, officially placing the country in a recession.
Stats SA says the largest negative contributor to the
GDP statistics was trade, catering and the accommodation industry, which decreased by 5.9%.ALSO READ: GDP shrinks by 0.3% in fourth quarter
Efficient Group economist Francois Stofberg says: "Every one of the other major sectors in the country have also shrunk. It's not good news, especially for job creation."
Unemployment hit 27.7% in the first quarter, the highest level since 2003.
It's the second recession in eight years.
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