South Africa is in its first technical recession in nine years.
Stats SA announced on Tuesday that the country’s real gross domestic product contracted by 0.7% in the second quarter of 2018. This follows a revised fall of 2.6% in the first quarter of the year.
Here’s 10 things you need to know according to the report:
– The country’s agriculture sector was the hardest hit, with a decline of 29% in the second quarter of 2018. It contributed -0.8 of a percentage point to GDP growth. Stats SA says the decrease was mainly due to a drop in the production of field crops and horticultural products, and the impact of drought.
– Transport and trade were the sectors that were the second hardest hit. The national statistic service reported that the transport, storage and communication industry contracted by 4.9%, contributing -0.4% of a percentage point the GDP. Meanwhile the trade, catering and accommodation industry decreased by 1.9% and contributed -0.3 of a percentage point.
