When was recession in south africa

However, Joe de Beer, deputy director general of Statistics South Africa, said: "We can now pronounce that the economy is in recession. He added: "The major industries that contracted in the economy were the trade and manufacturing sectors. Africa's third-largest economy is under pressure after President Jacob Zuma fired its respected finance minister, Pravin Gordhan, earlier this year. It prompted two credit rating agencies, Standard and Poor's and Fitch, to downgrade South Africa's credit worthiness to junk.

This means it is more expensive for South Africa to borrow money, because it is seen as having a higher risk defaulting on its debts. A successor is expected to be chosen in December, but Mr Zuma can remain as head of state until an election in This method shows the maximum number of periods as a recession for monthly and quarterly data. The Federal Reserve Bank of St. Louis uses this method in its own publications.

For daily data, the recession begins on the first day of the first month following the peak and ends on the last day of the month of the trough. The trough method is used when displaying data on FRED graphs. The trough method is used for this series.

The third interpretation, known as the peak method, is to show a recession from the period of the peak to the trough i.

For daily data, the recession begins on the first day of the month of the peak and ends on the last day of the month preceding the trough. This series is used because of its cyclical sensitivity and monthly availability, while the broad based Gross Domestic Product GDP is used to supplement the IIP series for identification of the final reference turning points in the growth cycle.

Zones aggregates of the CLIs and the reference series are calculated as weighted averages of the corresponding zone member series i. Starting from December the turning point detection algorithm is decoupled from the de-trending procedure, and is a simplified version of the original Bry and Boschan routine. The routine parses local minima and maxima in the cycle series and applies censor rules to guarantee alternating peaks and troughs, as well as phase and cycle length constraints.

The components of the CLI are time series which exhibit leading relationship with the reference series IIP at turning points. Country CLIs are compiled by combining de-trended smoothed and normalized components. The component series for each country are selected based on various criteria such as economic significance; cyclical behavior; data quality; timeliness and availability.

Federal Reserve Bank of St. Daily, Not Seasonally Adjusted. Your trusted data source since Account Tools Add to data list Get email notification. The end of temporary Covid support measures also means the economy will be much less robust in the fourth quarter and going into the first three months of , he said. Investment as reflected by gross fixed capital formation, grew That would make it more difficult to bring down the official unemployment rate that returned to a year high in the third quarter, improve revenue collection and curb a wide budget deficit and surging government debt.

Published On 8 Dec Other Key Points: Agriculture industry rose annualized Mining rose annualized Manufacturing rose annualized Finance industry rose annualized Expenditure on GDP grew annualized