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.