Cecil Kilpin | September 2018 Newsletter

By |2018-10-19T09:44:33+02:00Sep 13th, 2018|Business, Finance + Economics, Newsletter, Tax|

Economy Shrinks By 0.7% The South African economy slipped into recession during thesecond quarter of 2018, shrinking by 0,7% quarter-on-quarter. This followed a revised 2,6% contraction in the first quarter of 2018. The widely recognised indicator of recession is two (or more) consecutive quarters of negative growth. South Africa experienced its last recession during the 2008–2009 global financial crisis with three consecutive quarters of economic decline. The 0,7% downturn in the second quarter of 2018 was a result of a fall-off in activity in the agriculture, transport, trade, government and manufacturing industries. Agriculture production fell by 29,2% in the second quarter of 2018, following a 33,6% slump in the first quarter. This was largely driven by a decline in the production of field crops and [...]