SA’s second recession in 2 years adds pressure to interest rates
JOHANNESBURG – South Africa’s economy slumped into its second recession in consecutive years as power cuts weighed on output and business confidence dropped, adding to pressure on the central bank to cut interest rates.
Gross domestic product shrank an annualized 1.4% in the last quarter of 2019, compared with a revised 0.8% decline in the three months through September, Statistics South Africa said Tuesday in the capital, Pretoria.
The median estimate of 12 economists in a Bloomberg survey was for a 0.2% drop in output.
Source: iol.co.za
