South Africa slips into recession, social media reacts

Android gets Twitter's reverse-chronological feed
Android gets Twitter's reverse-chronological feed

Twitter has reacted to recession in South Africa.
Twitter has reacted to recession in South Africa.

Statistics South Africa has announced on Tuesday that South African economy has entered a recession for the first time in eight years after showing negative GDP growth for a second consecutive quarter. The country’s gross domestic product (GDP) growth rate is at 1% on a year-on-year basis resulting in a technical recession.

According to the statistics agency, the economy contracted in the first quarter, led by weak manufacturing and trade sectors. Africa’s most developed economy contracted by 0.7 percent in the first quarter after shrinking by 0.3 percent in the fourth quarter of last year.

The largest negative contributor to growth in GDP in the first quarter was the trade, catering and accommodation industry, which decreased by 5.9% and contributed -0.8 of a percentage point to GDP growth.

Seven out of ten divisions reported negative growth rates in the first quarter. The largest contributor to the decrease was the petroleum, chemical products, rubber and plastic products division.

This is how South Africans to the news:

https://twitter.com/OsasCruz/status/872070352624648198

https://twitter.com/LaurynLMK/status/872079903612600321

Staff Writer