SA Economy shrinks in the First Quarter

PRETORIA – On Tuesday Statistics South Africa said South Africa’s economy shrunk by 2.2% in the first quarter of 2018 after expanding by 3.1% in the final quarter of last year, knocking more than half a percent off the rand.

Gross domestic product (GDP) rose 0.8% on an unadjusted year-on-year basis in the first quarter, compared with a 1.5% expansion in the previous three months, the agency said.

Reuters complied a opinion of economists who were polled by Reuters had expected a quarter-on-quarter GDP contraction of 0.5%, while the economy was seen expanding 1.9% year-on-year.

Photo Credit- Free Images

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