South Africa Enters into a Recession during the First Quarter of 2017

SOUTH AFRICA - Report 06 Jun 2017 by Iraj Abedian

​South Africa technically moved into a recession as figures released by Statistics South Africa indicate that the economy contracted by 0.7% during the first quarter of 2017. A recession is defined as two consecutive quarters of negative GDP growth, and since the first quarter’s -0.7% q/q growth rate was preceded by -0.3% q/q growth during the fourth quarter of 2016, this constitutes a technical recession. The last recession that was experienced by the country was during the 2008/09 global financial crisis, with South Africa recording three consecutive contractions in quarterly GDP growth.

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