Rand plummets as South Africa enters recession after GDP declines for a second quarter

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South Africa has gone into a technical recession following the release of the country’s GDP figures.

Stats SA released data showing South Africa’s gross domestic product (GDP) growth rate declined by 0,7% in the second quarter of 2018. It plunged by 2,6% in the first quarter.

Amid the news, the South African rand has fallen to R15,22 against the US dollar.

South Africa experienced its last recession during the 2008–2009 global financial crisis with three consecutive quarters of economic decline.
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