South Africa’s Economy Contracts in Q1 of This Year

South Africa’s economy recorded a slight contraction in the first quarter of 2024, impacted by a decline in the mining and construction sectors, according to data from the statistics agency on Tuesday as reported by Reuters. Gross domestic product shrank by 0.1% quarter-on-quarter in seasonally adjusted terms, contrary to economists’ expectations of 0.1% growth. On a year-on-year basis, the economy grew by 0.5%, slightly below the predicted 0.6% growth.