Cyril Ramaphosa: SA’s Recession Doesn’t Come As A Shock

Charles Molele

President Cyril Ramaphosa says the news on Tuesday that South Africa’s economy has slipped into a recession does not come as a shock or a surprise to him.

“The poor growth figures could not have come as a shock or surprise to us. The signs were there. The drivers have been there for us to see such as load shedding and the impact it has had on production and trade in general,” said Ramaphosa.

Ramaphosa was addressing journalists at a meeting with the South African National Editor’s Forum in Cape Town on Tuesday shortly after the news of the recession broke.

According to Gross Domestic Product figures released by Stats SA, the economy slipped into its third recession since 1994, shrinking by 1.4% in the fourth quarter of 2019.

This follows a revised 0.8% contraction in the third quarter.

Agriculture declined 7.6%, transport 7.2%, construction 5.9%, electricity 4%