Johannesburg – Recovering from the recession will first of all require low business and consumer confidence levels to be addressed, according to an analyst.
The latest gross domestic product growth figures, released by Statistics South Africa on Tuesday, show that the economy contracted 0.7% during the quarter. This fell short of market expectations of a 1% expansion.
This follows a contraction of 0.3% reported in the last quarter of 2016. Given the consecutive contraction in growth over the past two quarters, the country has entered a technical recession. The last time the country entered a recession was in 2009, as a result of the global financial crisis.