South Africa's economy falls into recession

South Africa says its economy, one of Africa's biggest, is in recession.
The government's statistics agency said today that a 0.7 per cent decline in GDP in the first quarter of this year followed a 0.3 per cent contraction in the last quarter of 2016. That meets the definition of a recession as two or more quarters of negative growth.
Statistics South Africa says trade fell by 5.9 per cent and manufacturing declined by 3.7 per cent in the first quarter of 2017, while agriculture and mining posted growth.
South Africa's unemployment is 27.7 per cent, according to official figures.

Scandals surrounding President Jacob Zuma have had financial fallout. This year, Fitch and Standard & Poor's lowered South Africa's credit rating to below investment grade after Zuma fired a widely respected finance minister.