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Published: Monday 23 September, 2013

michaelkors michaelkors Africas biggest economy

The construction sector, however, was boosted by the upcoming World Cup. South Africa is benefiting from a huge programme of government investment ahead of the football tournament in 2010.

A recession is generally defined as being two quarters of negative g michaelkors rowth.

Its far worse than we expected, said Elna Moolman, economist at Barnard Jacobs Mellet.

It confirms the recession in the economy and certainly increases concerns about overall growth for 2009, given such a bad start for the year.

The Reserve Bank of South Africa michaelkors is due to announce its latest decision on interest rates on Thursday.

It is now expected to cut rates by a full percentage point from the current level of 8.5 per cent.

It has started holding its meetings every month instead of every other month to allow it to act more quickly.

The central bank has reduced rates from a level of 12 per cent in December.

Statistics South Africa, which calculated the latest figures, said the slowdown in manufacturing and the mining and quarrying sector had been primarily responsible for the contraction.

Mining firms have been hit by falling demand for their products as a result of the global michaelkors economic slowdown.

The government has predicted that there will be another quarter of negative growth to come before the economy recovers.

Looking ahead, we expect another quarterly contraction for the second quarter, but this is expected to be smaller, said National Treasury Director General Lesetja Kganyago. michaelkors

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