Highlights of the Eastern Cape Economy First Quarter 2017
Publish Date : 15 Jun 2017
South Africa is in recession. However, none of the nine provinces are in recession. During the first quarter of 2017, South Africa’s economy contracted by 0.7% and the number of people unemployed increased by 433 000. The South African economy moved into recession with the reported decrease of 0.7% in GDP during the first quarter of 2017, following a 0.3% contraction in the fourth quarter of 2016. According to Statistics South Africa, a sharp contraction in both secondary and tertiary sectors tipped South African economy into negative territory in the first quarter of 2017. Trade and manufacturing sectors were the major heavyweights that stifled production, with trade falling by 5.9% and manufacturing by 3.7%.