Finweek English Edition - - THE WEEK -

South Africa’s econ­omy re­ported neg­a­tive growth of 1.2% in the first quar­ter of 2016, with an 18.1% de­cline quar­ter-on-quar­ter in min­ing pro­duc­tion con­tribut­ing to the drop. The GDP de­cline was worse than the mar­ket ex­pec­ta­tion of a con­trac­tion of around 0.1%. Ex­clud­ing min­ing, the econ­omy would have shown quar­teron-quar­ter growth of 0.5%, Sta­tis­tics SA said. Year-on-year, GDP de­clined 0.2% in the first quar­ter. In ad­di­tion, the RMB/BER Busi­ness Con­fi­dence Index fell fur­ther to 32 points in the sec­ond quar­ter, the low­est level since the global fi­nan­cial cri­sis in 2008/9, and nearly 17 points below the av­er­age level of con­fi­dence achieved since 1994, ac­cord­ing to Stan­lib.

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