S Africa’s economy contracts 2nd time in 8 years
The data from the country’s statistics office showed that all sectors except agriculture and mining shrank in Q1 while the finance, real estate and business services contracted for the first time since the Q1 of 2013 by 1.2%.
Economists argue that the contraction might extend to the next quarters as rating companies downgraded the country’s credit to the “highest non-investment” grade due to policy uncertainty, political turmoil and slow economic growth. The central bank also decreased its growth estimate for 2017 to 1% from 1.2% and its outlook for 2018 to 1.5% from 1.7% due to the possible impacts of the downgrades.
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