South Africa’s economy may have contracted in the first quarter of the year, according to a report by NKC African Economics.
The economy fell into a technical recession in 2018, before gaining pace in the second half of the year.
According to NKC African Economics, a provider of economic research, 2019 may be shaping up to follow suit.
“South Africa started the year on a disappointing note, with the return of sporadic load shedding, higher fuel prices, a higher tax burden, the strike in the gold mining sector and a moderating global economy all weighing on much-needed improvements in household and corporate confidence levels,” the group said on Monday morning.
“Low confidence levels are depressing expenditure and investment in the economy. Following on earlier downward revisions, indications from sectoral performances in the first two months of 2019 suggest that the economy contracted on a quarterly basis in Q1”.
The
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