Browsing: South African Third Recession

South Africa’s economy has reduced by 1.4 per cent in the fourth quarter, this is according to information from the South African statistician on Tuesday.

This scenario followed a contraction of 0.8 per cent in the third quarter, which means that the economy was in recession for the last half of 2019.

South Africa last entered a recession – when the GDP falls for two consecutive quarters – in the second quarter of 2018. This is South Africa’s third recession since 1994.

Further, the stats office highlighted that, for the whole of 2019, the South African economy grew by only 0.2 per cent (in real terms). In 2018, it saw growth of only 0.8 per cent, and yet it is the lowest reading since 2009 when the economy contracted by 1.5 per cent.

GDP shrank 0.5 per cent year-on-year in the fourth quarter after a 0.1 per cent expansion in …