South Africa’s GDP fell by 2.2 percent in the first quarter of 2018.
Economist at Econometrix Dr Azar Jammine says the drop in GDP is not good news - but one must not panic about it.
Speaking to Ray White on The Midday Report, Dr Jammine says this is a result for a single quarter.
We have seen these figures being influenced by seasonal adjustment processes and we have seen significant revisions to these kinds of figures in the past.— Dr Azar Jammine, Economist at Econometrix
Everyone had expected a weak figure but not as weak as this. And one of the reasons for the extent of the weakness has been a sharp down take in agricultural production.— Dr Azar Jammine, Economist at Econometrix
The South African #economy contracted by biggest margin since Q1:2009 when it fell by 6,1%. #GDP down by 2,2% in Q1:2018 largely driven by #agriculture & #mining industries #StatsSA https://t.co/jnyRS5Fy1v pic.twitter.com/X1na3pN8Lt— Stats SA (@StatsSA) June 5, 2018
Listen to what Dr Jammine thinks of the petrol hike...