The country’s recession is deepening, with Statistics South Africa announcing that the economy continued to contract in the first quarter of the year.
The gross domestic product for the period is a 2% decline as compared to a 3.2% contraction for the same period last year.
This does not include post lockdown data on the economy’s performance.
Statistician-General Risenga Maluleke has confirmed that the economy remains in a recession, with mining and manufacturing the significant contributors to the economy’s poor performance.
Mining figures saw the biggest decline in six years, with data showing it slowed by 21.5%.
The economy has been mired in recession after the release of the fourth quarter of 2019 when GDP figures showed it had contracted by 1.4% after a 0.8% decline in the preceding quarter.
Economic activity in the manufacturing industry decreased by 8.5% – a third consecutive negative growth – while construction registered its seventh, slipping by 4,7%.
GDP refers to the total market value of all goods and services that are produced in the country yearly and serves as an indicator of economic growth.
More Stories
Revolutionising Literacy: How A South African NPO Is Using Technology To Encourage And Enable Teens And Young Adults To Read And Write
Economists Predict Moderate Interest Rate Hike After Consumer Inflation Drop
Research Survey Findings Show That SA Entrepreneurs Are Good At Grabbing Opportunities
Interest Rate Hikes And Home Insurance: How To Navigate The Changes
The Inaugural Tourism Investment Forum Africa Is A Unique Opportunity For The Northern Cape
Small Businesses Can Make A Big Impact On The Environment
How Insurers Are Leveraging Tech To Meet Customer Demands
Six Trends Shaping The Future Of Work
Skip Winter By Teaching Abroad
Pfizer Pledges R11 Million For The Expansion Of Community Clinics In Under-Served South African Communities
New Sin Tax To Adversely Affect Vapers, Smokers, And Small Businesses
Leadership Council For World’s Largest Africa-Focused Tech Festival