Breaking: S.Africa enters recession as economy contracts 0.7% in Q1

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South Africa’s economy contracted in the first quarter of this year, pushing the continent’s largest economy into its first recession since 2009, the official statistics agency reported Tuesday.

“The South African economy moved into recession with the reported decrease of 0.7 percent in GDP (gross domestic product) during the first quarter of 2017, following a 0.3 percent contraction in the fourth quarter of 2016,” said Stats SA.

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