South Africa in recession for first time since 2009, rand slumps
A vegetable vendor sits next to her stall in Kliptown, Soweto October 24, 2008. Statistics South Africa says the economy contracted by 0.7 per cent in the second quarter, led by declines in the agricultural, transport and retail sectors. PHOTO | REUTERS
South Africa entered recession in the second quarter for the first time since 2009, data showed on Tuesday, in a stinging blow to President Cyril Ramaphosa’s efforts to revive the economy after a decade of stagnation.
Statistics South Africa said the economy contracted by 0.7 percent in the second quarter, led by declines in the agricultural, transport and retail sectors.
