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Financial News: South Africa Economy Enters Recession In Q4

South Africa Economy Enters Recession In Q4

03/03/2020 - 09:37:00 (RTTNews)

(RTTNews) - South Africa's economy slipped into a recession in the final three months of 2019, mainly due to the weaker performance of the transport and trade sectors. Gross domestic product contracted a seasonally adjusted and annualized 1.4 percent quarter-on-quarter after a 0.8 percent decline in the previous three months, preliminary data from Statistics South Africa showed on Tuesday. Two consecutive quarters of contractions define a technical recession. This is the country's second recession in two years. In the full year 2019, the economy grew 0.2 percent, which was the weakest outcome since 2009, when it shrunk by 1.5 percent. Agriculture was the main drag on growth in 2019, the agency said.

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