Mags speaks to Statistician-General Riseka Maluleka about the recession
South Africa is once again in a recession, so Mags had a chat to Statistician-General Riseka Maluleka about what it means and why we should be concerned.
Listen to the discussion, or read the details under the podcast.
Life is getting more and more miserable for South African families. This recession accelerates job losses, the erosion of our Rand (savings), and difficulty to make ends meet. In 2018 alone, VAT increased, the petrol price has increased, and now the technical recession. It just keeps going from bad to worse in Mzansi.
Tune in to @ecr9495 just after 1pm as @SGMaluleke talks about Q2:2018 #GDP showing the South African #economy slipped into #recession #StatsSA https://t.co/8VC3RK1Zvj pic.twitter.com/O2N1GzNjMH
— Stats SA (@StatsSA) September 4, 2018
The South African #economy slipped into a #Recession as economic activity declined by 0,7% in Q2:2018 q/q after a 2,6% decline in Q1:2018 #StatsSA #GDP https://t.co/KjOdmHB0yN pic.twitter.com/aBnPccETmP
— Stats SA (@StatsSA) September 4, 2018
Total value of the South African #economy was R1,24 trillion in Q2:2018. Finance (R222b) & government (R198b) industries remain the biggest. #GDP Q2:2018 =-0,7% q/q #StatsSA https://t.co/8VC3RK1Zvj pic.twitter.com/KBonJtSmxi
— Stats SA (@StatsSA) September 4, 2018
"We are in recession as StatsSA reported a contraction of the economy in the first quarter. And even with revisions it has come in a form of negative 2.6% in the first quarter and now in the second with a fall of 0.7%. The fact that the economy fell by 0.7% following such a decrease in the first quarter. We are in a recession,” says statistician-general Risenga Maluleke.
How does the news of the recession make you feel? Comment with your thoughts below.