South Africa in Recession After Land Threat: ‘Shocking Drop in Agriculture’
South Africa slid into an official recession Tuesday, as second-quarter growth domestic product (GDP) figures showed a contraction of 0.7% — the second straight quarter of decline. First-quarter figures were revised down, from -2.2% to -2.6%.
The main culprit, according to South Africa’s Business Day, was a sharp contraction in the agricultural sector, which has been under political assault this year as the ruling African National Congress has pledged “expropriation without compensation.”