South Africa’s economy fell into a recession for the first time since 2009 after it contracted for a second straight quarter in the first three months of the year.

Gross domestic product shrank an annualized 0.7% in the first quarter from a contraction of 0.3% in the previous three months, Statistics South Africa said in a report released on Tuesday in the capital, Pretoria.

According to Stats SA the largest negative contributor to growth in GDP in the first quarter was the trade, catering and accommodation industry, which decreased by 5.9% and contributed -0.8 of a percentage point to GDP growth.

The manufacturing industry contracted by 3.7% and contributed -0.5 of a percentage point to GDP growth.

Seven out of ten divisions reported negative growth rates in the first quarter. The largest contributor to the decrease was the petroleum, chemical products, rubber and plastic products division.

In contrast the mining and quarrying industry increased by 12.8%, and contributed 0.9 of a percentage point to GDP growth.

http://www.looknaija.com/2017/06/south-africa-slips-second-recession-8-years/

mynd44

That's all thanks to Jacob Zuma and his state capture adventure

welcome on board

we have been waiting

Aunty Kemi & Uncle emefiele should advise u guys na

it is official South Africa is in recession

Nigerians will be jubilating that they are not alone

Nigeria Welcomes You!!

African leaders!!!! why are you sleeping?

It is real.

We politiciize everything IN Nigeria to form "We told them".

Recession can happen at anytime. What the Govt will fall back on is the Infrastructure and savings during the abundance period.

The uselessness is the fact that African leaders are corrupt. They steal during abundance and continue to steal during recession.

The billions of dollars stolen can be used as bail out fund to cushion the effect of the recession.

We are not alone

Naso,.....Recession is just a word

Wish them good luck

In fact the whole Africa is in recession.

Anoda example ov bad leadership...smd

A thread for clueless Buhari supporter to come say " we told you it's not only Nigeria that is suffering recession " but they will forget that both Jacob Zuma and Buhari are two very useless leaders with Buhari being the more useless one

SOME EVIL PEOPLE WILL STILL BLAME APC OR SAI BABA FOR THIS.

But Zuma why?

Had it been Nigeria the children of hate would have been calling out APC Buhari and the rest. Let me come and be going before they start trolling me as an e-rat.

Aiye le ooo

Mods are really active this afternoon

E be like say BUHARI dan Bite Zuma

Too bad, another season of xenophobic activities is on its way.

naija don better be that....

South-africans,you are highly welcomed....but don't worry we would soon leave to give you guys more space to occupy.

No go say na same with Nigeria. A country where u can comfortably take your baby out with 100rands or even buy better thing inside Shoprite.
5 rand get big value here, u fit use em board taxi, pay for an hour for internet service even buy cold drink drink. If u give babe 5rand she go smile any time she see u, u fit chop her later self. Na hell u nah dey. Una no know.

Lol. Our brother's don take over from us

Buhari, banana fall on you anywhere you are.

Nigeria is always in recession

So no bi only us?

That joy you derive when you know its
'Orun ya bo'

non be only Nigeria government they fail network. recession will take over Africa soon. new English.