South Africa slips into recession.

South Africa plunged into its second recession in eight years in the first three months of the year, even before a political crisis in the ruling African National Congress triggered rating cuts to junk status.

On an annualised basis Africa's most industrialised economy contracted 0.7 per cent in the first quarter after a 0.3 per cent drop at the end of 2016, Statistics South Africa said on Tuesday. The announcement confounded most economists' expectations for growth of about 1 per cent.
The two consecutive quarters of decline mean that South Africa had already begun its first recession since 2009 when President Jacob Zuma sacked Pravin Gordhan, his finance minister, shaking fragile investor confidence and threatening to splinter the ANC.

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