South Africa slips into recession as economy shrinks in Q1

By Kitco News / June 06, 2017 / www.kitco.com / Article Link

PRETORIA, June 6 (Reuters) - South Africa slipped into technical recession for the first time since 2009 after the economy contracted in the first quarter, led by weak manufacturing and trade sectors, Statistics South Africa said on Tuesday.

Africa's most developed economy contracted by 0.7 percent in the first quarter after shrinking by 0.3 percent in the fourth quarter of last year, the statistics agency said.

Economists polled by Reuters had expected a quarter-on-quarter GDP expansion of 0.9 percent.

Gross domestic product rose 1.0 percent on an unadjusted year-on-year basis in the first quarter, compared with 0.7 percent contraction in the previous three months, the agency said.


(Reporting by Mfuneko Toyana; Writing by Olivia Kumwenda-Mtambo; Editing by Joe Brock)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities,securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Recent News

Bullish bankers and bearish institutions split on gold forecasts

July 01, 2024 / www.canadianminingreport.com

Gold stocks down on flat metal price and mixed equities

July 01, 2024 / www.canadianminingreport.com

Snowline Gold reports Initial Resource Estimate

June 24, 2024 / www.canadianminingreport.com

Inflation subsiding and rate cuts starting internationally

June 24, 2024 / www.canadianminingreport.com

Inflation rebound continues to reverse

June 17, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok