Locked
SA economy is likely in a technical recession
South Africa’s gross domestic product contracted 0.7% in the second quarter compared with downwardly revised growth of 1.7% in the previous three months, Statistics South Africa said in September.
By Adelaide Changole
(Bloomberg) — South Africa's economy is likely in a technical recession as intensified power cuts and heightened uncertainty caused by Russia's war with Ukraine rippled through global financial markets.Â
The economy likely contracted for a second consecutive quarter in the three months through September, Gina Schoeman, an economist at Citibank South Africa, said at the Bloomberg Capital Markets Forum in Johannesburg on Wednesday.
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