Breaking: South Africa's economy takes a deep dive into recession

Breaking: South Africa's economy takes a deep dive into recession

South Africa's economy has reportedly taken a deep dive into recession, Reuters reports.

It was gathered that the economy which contracted by 0.7% in the second quarter pushed the country into recession.

This followed a revised 2.6% contraction in the first quarter, a South African statistics data has shown.

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Also, the second-quarter's gross domestic product (GDP) reading is said to be worse than the 0.6 percent expansion which had earlier been predicted by the country's analysts.

The data also said an economic output rose 0.4 % on an unadjusted year-on-year basis in the second quarter.

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Meanwhile, previously reported that Nigeria experienced its worst economic session in 2015.

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The National Bureau of Statistics in a report said the GDP had at that time declined by 2.0%, and later rose by 17.1%.

Also, just shortly after Nigeria exited recession, the All Progressives Congress (APC) said the success recorded was achieved through the leadership of President Muhammadu Buhari. The party also said the President Buhari-led administartion had began to yield fruit especially on recovery efforts.

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