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South Africa Unexpectedly Plunges Into Recession

zerohedge.com / by Tyler Durden / Jun 6, 2017  3:25 PM

Despite expectations (among 19 ‘economists’) that growth would be up 1.0% in Q1, South African GDP tumbled 0.7% (the second drop in a row) pushing the nation back into recession after eight years.

The median of 19 economists’ estimates in a Bloomberg survey was for 1 percent expansion. There was only one forecast for a contraction. This was a four standard deviation miss…

Indicating contraction for the second quarter in a row – technically signaling a recession –  as all bar two industries shrank.

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