Tonight with Lester Podcast

Impact of GDP first quarter figures


Guest : Mamello Matikinca-Ngwenya, FNB Chief Economist Our economy contracted 3.2% in the first quarter of 2019 - the largest quarterly drop in GDP in a decade. Manufacturing, mining and agriculture experienced the biggest contractions. Analysts say load-shedding played a role - in February, Eskom struggled to maintain a constant power supply, which knocked business and investor confidence. Just hours after Stats SA announced the figures, ANC secretary general Ace Magashule said the ruling party had declared unemployment a national emergency and disaster. Last year South Africa went into a technical recession in the second quarter, after GDP decreases in the first and second quarters. Is this likely to happen again in 2019 if the second quarter doesn't show an improvement? FNB chief economist Mamello Matiikinca-Ngwenya joins me now to talk about the implications.

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