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10 things you need to know about SA’s recession

Source: Fin24

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South Africa is facing its first technical recession in nine years.

According to a Fin24 report, the agriculture sector was the hardest hit. Stats SA attributes this 29% decline to a lower yield of both field crops and horticultural products which was further impacted by a drought.

Transport and trade were the second hardest hit with a 4.9% contraction, while a decrease of 1.9% was experienced in the trade, catering and accommodation industry.

The mining industry as well as the finance, real estate and business services sector showed positive contributions to GDP.

Increased trade in precious metals, mineral products and vegetable products contributed positively to growth in expenditure on GDP in terms of net exports.

The rand fell immediately, compounding earlier losses in the week.

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