1. The country is now officially in recession
SA has plunged into a recession with a surprise 0.7% contraction in the second quarter of 2018.
“We are in recession. We reported a contraction in the first quarter even with revisions, and now in the second quarter with a fall of 0.7%, we are in recession,” statistician-general Risenga Maluleke said in Pretoria on Tuesday.
This is despite expectations from many economists that SA would narrowly miss a recession. The Bloomberg consensus was 0.6% growth.