‘A recession will actually be good for our economy’, Ramaphosa

South African president Cyril Ramaphosa says a recession will actually be good for the country.
Addressing the issue on Tuesday, Ramaphosa said: We are bringing a lot of investors into the country. So if the rand is weak,  that means money coming into South Africa from our foreign investors will multiply.

Stats SA published GDP data for the second quarter of 2018, showing that the country has entered into a technical recession.

The group reported a decline of 0.7% in the second quarter of the year, following a first quarter decline of 2.2%, which came as a shock to many analysts.
In economic terms, a technical recession is described as two consecutive quarters of economic decline.
South Africa entered into a technical recession in 2017, until government later revised the data in the latter quarters of the year.
Ahead of the GDP announcement, economists had anticipated data showing that South Africa had narrowly missed the technical recession, but indicated that growth, if any, would have been too low to spell any good news for the economy.

GDP data
According to Stats SA, the largest negative contributors to growth in GDP in the second quarter were agriculture, transport and trade.
The agriculture, forestry and fishing industry decreased by 29.2% and contributed -0.8 of a percentage point to GDP growth. The decrease was mainly because of a drop in the production of field crops and horticultural products, Stats SA said.
The transport, storage and communication industry decreased by 4.9% and contributed -0.4 of a percentage point. This was as a result of decreases in land transport, air transport and transport support services.
The trade, catering and accommodation industry decreased by 1.9% and contributed -0.3 of a percentage point.