{"id":124601,"date":"2016-05-23T18:17:13","date_gmt":"2016-05-23T16:17:13","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=124601"},"modified":"2016-05-23T18:18:18","modified_gmt":"2016-05-23T16:18:18","slug":"this-is-how-close-south-africa-came-to-recession-in-2015","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/124601\/this-is-how-close-south-africa-came-to-recession-in-2015\/","title":{"rendered":"This is how close South Africa came to a recession in 2015"},"content":{"rendered":"<p>Stats SA has releases its revised GDP data for 2015, showing that South Africa came closer to a recession than previously thought.<\/p>\n<p>The statistics agency showed that while the country&#8217;s GDP still grew at 1.3% in 2015, all but one quarter&#8217;s growth had to be revised down.<\/p>\n<p>Q4 2015 was revised down to 0.4% from 0.6%, while Q3 growth was revised down to 0.3% from 0.7%. The second quarter decline was also larger than first thought, revised down to -2.0% from -1.3%.<\/p>\n<p>Only the first quarter saw an upward revision to 1.9% from 1.4% previously.<\/p>\n<p>The revised data shows that South Africa narrowly missed a &#8216;textbook&#8217; recession, which is described as two successive quarters of economic decline. In this case, the country missed a recession by a mere 0.3 percentage points.<\/p>\n<p><a  data-lightbox=\"post-image\" href=\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2016\/05\/Recession-risk.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-new-size wp-image-124605\" src=\"http:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2016\/05\/Recession-risk-640x372.png\" alt=\"Recession risk\" width=\"640\" height=\"372\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2016\/05\/Recession-risk-640x372.png 640w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2016\/05\/Recession-risk-300x174.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2016\/05\/Recession-risk-768x446.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2016\/05\/Recession-risk.png 781w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><\/p>\n<p>Despite the country&#8217;s ability to avoid a technical recession thus far, many sectors of the economy are already in recession &#8211; most notably the mining, manufacturing and agricultural sector.<\/p>\n<p>Economists says that South Africa\u2019s chances for recession in 2016 are very high, with some believing that the country is already in a <span class=\"_Tgc\">negative economic growth phase.<\/span><\/p>\n<p>The IMF and the World Bank expect growth for 2016 to be at 0.7% and 0.6%, respectively, while the SA government anticipates growth at 0.9%.<\/p>\n<h3 class=\"my-4\">More on South Africa<\/h3>\n<p><a href=\"http:\/\/businesstech.co.za\/news\/finance\/114884\/south-africa-gdp-grows-above-expectations\/\" target=\"_blank\"><strong>South Africa GDP grows above expectations<\/strong><\/a><\/p>\n<p><a href=\"http:\/\/businesstech.co.za\/news\/general\/115064\/why-south-africa-will-enter-recession-this-year\/\"><strong>Why South Africa will enter recession this year<\/strong><\/a><\/p>\n<p><strong><a href=\"http:\/\/businesstech.co.za\/news\/finance\/114172\/recession-still-a-reality-in-south-africa\/\">Recession still a reality in South Africa<\/a><\/strong><\/p>\n<p><strong><a href=\"http:\/\/businesstech.co.za\/news\/business\/111247\/world-banks-bleak-picture-of-south-africa-flirting-with-recession\/\">World Bank\u2019s bleak picture of South Africa \u2018flirting with recession\u2019<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stats SA has releases its revised GDP data for 2015, showing that South Africa came closer to a recession than previously thought.<\/p>\n","protected":false},"author":10,"featured_media":28250,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872,11121],"tags":[26],"class_list":["post-124601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-finance","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/124601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=124601"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/124601\/revisions"}],"predecessor-version":[{"id":124609,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/124601\/revisions\/124609"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/28250"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=124601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=124601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=124601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}