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South Africa's recession deepened in the first quarter of 2020, with official data on Tuesday showing that gross domestic product contracted 2% from the previous three months, led by declines in ...
The South African rand plunged more than 2% following the report. Gross domestic product in Africa's most developed economy fell by 0.7% from April to June, the national statistics agency said in ...
It hasn't been a great time for folks in the business of predicting recessions. The Conference Board's Leading Economic Index signaled a recession in 2022. The highly regarded inverted yield curve ...
In April 2020, Sub-Saharan Africa appeared poised to enter its first recession in 25 years, but this time for a longer duration. [63] The World Bank predicted that overall sub-Saharan Africa's economy would shrink by 2.1%–5.1% during 2020. [64]
South Africa's National Treasury criticized the statement by Moody's saying, "It's not possible that we'll end up in recession." He added that the government may revise lower its 4 percent growth forecast for the year following growth of 5.1% in 2007. Car sales in South Africa dropped an annual 22 percent in June due to higher interest rates. [2]
The economy of South Africa is the largest economy in Africa, it is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. [ 31 ] [ 32 ] [ 33 ] The economy is the most industrialised, technologically advanced, and diversified in Africa. [ 34 ]
“The real question is if the trend can continue in the coming quarters, and we think not,” wrote Jeffery Roach of LPL Financial.
The latest economic news comes as the government continues to face criticism over the more controversial elements of the Budget, including changes to inheritance tax which will hit some farmers ...