South Africa records negative growth rate for the first time in 10 years

For the first time in 10 years, South Africa has recorded a negative growth in the last quarter of 2008. According to figures, published on Tuesday, by the country’s statistical department, a growth rate of -1.8 per cent was recorded. The country, however, recorded a growth rate of 3.1 per cent for the whole of 2008 against a recent government figure of 3.7 per cent. According to Romandie News, while presenting the South African budget for 2009, mid February, Trevor Manuel, finance minister, indicated that the country would not fall victim to the global recession this year. He expects a growth rate of 1.2%.