South Africa Slips into Recession

Proshare

Friday, March 13, 2020 10:43 AM / By FDC Ltd / Header Image Credit: Plus TV Africa

 

GDP figures recently released for South Africa revealed that economic growth contracted by 1.4% in the fourth quarter of 2019.

 

This is coming after the third quarter GDP 2019 result was revised to show a contraction of 0.8%.

 

It is the second economic recession in two years.

 

In all, South Africa's economy expanded slowly by 0.2% in 2019 compared to 0.8% in 2018.

 

The sharp decline in GDP figures reveals slow growth in economic activities.

 

In addition, for the first time in 10 years, the annual Global Economic Crime and Fraud Survey done by PWC, showed a drop in respondents who have experienced economic crime in South Africa.

 

This is the seventh edition of the report and based on global statistics indicators, South Africa's economic crime rate shockingly declined.

 

Economic crime or financial crime refers to illegal actions committed by an individual or group of individuals to obtain a financial or professional advantage.

 

A further breakdown of the report showed that the respondents who experienced this crime dropped significantly by 17% to 60% in 2019.

 

According to the report, customer fraud topped the list, followed by bribery, corruption and financial statement fraud.


Proshare Nigeria Pvt. Ltd.

 

Related News - South Africa

  1. South Africa: Vodacom Reaches Settlement With Competition Regulator Over Data Prices
  2. South Africa's Economy: At The Mercy Of Power Sector
  3. South Africa: Bridging the Income Divide
  4. South Africa's Investment Summit Secures $25bn of Fresh Funding
  5. Can Team Ramaphosa Stabilize South Africa's Economy?
  6. Nigeria and South Africa: A Reason to Worry?
  7. South Africa's Rate Decision: Giving Priority To Foreign Investors
  8. Lower Sugar Production In South Africa To Increase Prices
  9. Moody's Rating: Life-Saver to South Africa's Economy?
  10. Mid-Term Budget Policy Statement: Should South Africa Be Worried?
  11. Nigeria-South Africa: Strengthening Relations Between Two Regional Powerhouses
  12. Nigeria - South Africa New Trade Deal: Anything to Cheer?
  13. South Africa's Economy in Q2-19: Fragile Still?
  14. As For South Africa, So For Jigawa: Understanding The Missing Point - Fasua
  15. Why Nigerians Will Never Leave South Africa - Fasua
  16. Nigeria-South Africa; Trade Not Xenophobia, A Handshake Across the Sub-Sahara
  17. South Africa and Nigeria: A Similar Narrative
  18. In the Footsteps of Nigeria, South Africa Reappoints Apex Bank Governor
  19. South Africa's Q1-19 GDP Result: On the Way to Another Recession?
  20. South Africa's Rand Continues To Tumble On Central Bank Worries
  21. South Africa's Economic Slump-A Huge Signal for Structural Reforms
  22. Cabinet reshuffling in South Africa: Any lesson for Nigeria?

Proshare Nigeria Pvt. Ltd.
READ MORE:
Related News
SCROLL TO TOP