Economy in recession

Manufacturing output shrunk by 11.7percent year on year in March, an improvement on the previous month, but signalling an economy in recession. The data, following a record 15.1percent contraction in February, may add weight to arguments for recent aggressive interest rate cuts to continue, in order to boost growth. Statistics SA said the sector contracted by 6.8percent in the first quarter compared to the previous three months. - Reuters

Manufacturing output shrunk by 11.7percent year on year in March, an improvement on the previous month, but signalling an economy in recession. The data, following a record 15.1percent contraction in February, may add weight to arguments for recent aggressive interest rate cuts to continue, in order to boost growth. Statistics SA said the sector contracted by 6.8percent in the first quarter compared to the previous three months. - Reuters

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