South African economy slips into its third recession

Statistics South Africa announced on Tuesday (3 March) that the country’s economy had slipped into a recession after the economy contracted for two consecutive quarters.

Stats SA tweeted that this is the third time this had happened since 1994. In the third quarter the economy shrunk by 0,8 per cent followed by the fourth quarter shrinking by 1.4 per cent.

[Thread]South Africa’s economy slipped into its 3rd #recession since 1994 in Q4:2019, shrinking by 1,4%. This followed a contraction of 0,8% in Q3. #StatsSA #GDP #economy pic.twitter.com/BZDlddovOp

— Stats SA (@StatsSA) March 3, 2020

The national gross domestic product (GDP) was estimated at R1,31 trillion in the fourth quarter.

Gauteng remains the economic hub of the country, contributing 34 per cent to the national economy in 2018.

#Gauteng remains the economic hub of SA, contributing 34% to the national economy in 2018.

Listen here for more: https://t.co/CGvIzIDVmo#StatsSA #GDP #economy pic.twitter.com/ddMfKWPibb

— Stats SA (@StatsSA) March 3, 2020

Twitter quickly reacted to the announcement:

Waiting for someone to say “I’m shocked” 👃#recession pic.twitter.com/nCy3MORrkX

— Brother Wa Chiskop (@MatlipaGP) March 3, 2020

#recession South Africa's economy keeps getting worse mxm 🤦🏽‍♂️🤦🏽‍♂️ pic.twitter.com/cn3OGOkfBB

— Vuyo Jotile🇿🇦 (@vuyo_jotile) March 3, 2020

This 👇 is a disaster.
Many would say it is self inflicted.
But now is not the time for finger pointing.
We need an urgent national discussion about how we get out of this downward spiral. #recession https://t.co/wHapa8sfmL

— Neil Coleman (@NeilColemanSA) March 3, 2020

#recession my excuse for those who ask me money pic.twitter.com/DQZeECSt09

— Aphiwe Tshangana (@Ndabezitaa) March 3, 2020

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