South Africa
Recession doesn’t come as shock - Ramaphosa─── 19:00 Tue, 03 Mar 2020
President Cyril Ramaphosa says signs of a recession have been evident for quite some time now.
Ramaphosa says the news doesn't come as a surprise.
South Africa is in a recession once again as the overall economic growth for 2019 has come in at 0.2-percent.
Statistics South Africa released the figures on Tuesday, which showed between October and December the economy contracted by a more than expected 1.4-percent.
The dismal performance in the last three months of the year was a result of load-shedding, which dragged down the retail and transport sectors.
They were the biggest drawback to growth in the 4th quarter contracting by 3.8-percent and 7.2-percent respectively.
Agriculture also saw a decline of 7.6-percent, as a result of foot and mouth disease and drought.
