The South African economy has entered a recession for the first time in eight years after showing negative GDP growth for a second consecutive quarter, Statistics South Africa said on Tuesday.
Growth contracted by 0.7 percent in the first quarter of 2017, after recording negative growth of 0.3 percent in the last quarter of 2016.
The main contributor to this was the contraction of the trade, catering and accommodation industry by 5.9 percent over the period.
The manufacturing industry contracted by 3.7 percent.
The statistics were released two days after the World Bank slashed South Africa’s growth forecast for the year to 0.6 percent in its June Global Economic Prospects report, citing declining investor confidence and lack of political stability.
After the news broke, mense on Twitter rushed to let the world know how they felt about the country's current economic status:
Wow 2017 is a lot. With all we're going through, we're adding a #recession to that list pic.twitter.com/a4SA6sO2IC
— Sikelela Matandela (@ForeverShakes) June 6, 2017
South Africa officially in #recession. Live reaction from the government's economic team at the Corruption Palace: pic.twitter.com/HlKxsr2Jib
— Andre (@Magic6s) June 6, 2017
South Africa has officially slipped into its second #recession in 8 years. How did we get here! 😰💔 pic.twitter.com/18TmUhcwwd
— Ulrich J van Vuuren (@UlrichJvV) June 6, 2017
While the economy tanked they said they will defend some guy with their buttocks and will "pick up the rand". Now we in #Recession😥😥😩.
— Justice Malala (@justicemalala) June 6, 2017
2 Junk status now we've hit #recession🔚🇿🇦 pic.twitter.com/2WsxtEyj3a
— CoolestKidInAfrica (@KhristTsime) June 6, 2017
Double #junkstatus and now a technical #recession, along with #femicide, #GuptaEmails, and Wednesday's winter storm, we need an intervention
— Bongi Mogale (@Bongi43) June 6, 2017
#recession if we run back fast enough...I bet we can make it back to 2009...and prevent Zuma from coming in to power.... pic.twitter.com/60GfOFNwjk
— Mbulelo Tatana (@mbulelo_tatana) June 6, 2017