First quarter GDP falls by 2% as recession continues

flippakitten

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Agree. Q3 could only be positive if Agriculture Kees going like the clappers and we come of a very low Q2 base
EWC will probably be pushed harder because of the growth. It's the ANC way, anything that's working must be broken (stolen).
 

krycor

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I can't believe News24 claimed the following:

Nonsense. The full lockdown only came into being a few days before the end of March and even if we are somewhat generous that people changed their behaviour substantially from mid-March, 10/12 weeks in the quarter had little to do with 'rona.
This is why i am lmao at the businesses that claim covid-19 killed them.. it didn't it, it hastened their decline exposing their short fall as is typical in recession like conditions (we not the US so no bailout to save dinosaurs). The fact is that Consumer Confidence Index has been trending downward since last quarter last year when recession started means that it's not new.

This is also why i find the whole restaurant industry claiming gov regulations on drinking alcohol is kiling the industry is quite disingenuous.. yes it limits profits margins, joyful exuberant spend.. but guess what.. consumers were cutting back prior.. the CCI actually shows this starting last year and from my own anecdotal observations we and most people i know have been cutting down for a while now (irrespective on disposable income) due to uncertainty of future in SA. So yah.. it's not gonna magically come back. people need to feel confident about the future and right now that's nowhere to be seen especially in SA.

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Oldfut

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This is why i am lmao at the businesses that claim covid-19 killed them.. it didn't it, it hastened their decline exposing their short fall as is typical in recession like conditions (we not the US so no bailout to save dinosaurs). The fact is that Consumer Confidence Index has been trending downward since last quarter last year when recession started means that it's not new.

This is also why i find the whole restaurant industry claiming gov regulations on drinking alcohol is kiling the industry is quite disingenuous.. yes it limits profits margins, joyful exuberant spend.. but guess what.. consumers were cutting back prior.. the CCI actually shows this starting last year and from my own anecdotal observations we and most people i know have been cutting down for a while now (irrespective on disposable income) due to uncertainty of future in SA. So yah.. it's not gonna magically come back. people need to feel confident about the future and right now that's nowhere to be seen especially in SA.

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Well I hope you lmao at the people retrenched from say the coffee shop chain that laid off 1 000 people in the week after the start of lockdown. Hard to say a vibrant, growing chain in CT was "exposing their short fall as is typical in recession like conditions" unless you know something I don't. They still have to pay rents etc but are prohibited by government from operating; only one outcome for a hard nosed businessman; close. The covid lockdown killed the business; not the owners who will walk away pretty well off.

But I bow to your superior business knowledge.
 

Gordon_R

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Consumer confidence levels are near an all-time low, and unlikely to rebound anytime soon:
 

ToxicBunny

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Well I hope you lmao at the people retrenched from say the coffee shop chain that laid off 1 000 people in the week after the start of lockdown. Hard to say a vibrant, growing chain in CT was "exposing their short fall as is typical in recession like conditions" unless you know something I don't. They still have to pay rents etc but are prohibited by government from operating; only one outcome for a hard nosed businessman; close. The covid lockdown killed the business; not the owners who will walk away pretty well off.

But I bow to your superior business knowledge.
His business knowledge lacks a fair chunk... He was largely schooled on this stupid opinion before but it might take a few more goes for it to set in.
 

NarrowBandFtw

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from that article:
The central bank’s projection in its annual report that was released on June 29 shows the economy will expand on a quarterly basis in the three months through September, which means the technical recession will be over
"technical" recession has become a euphemism for "oh $h1t, we may be in recession, but it'll bounce back soon right?", hence the 2 consecutive quarter decline definition, that was Q4 2019 already

if the decline magically turns around in Q3 2020 (it won't) we still had 4 consecutive quarters of decline, we can drop the "technical" part of the euphemism and start debating about what is or isn't a depression rather ... the more likely outcome
 

GhostSixFour

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2% my ass.

Total bullshit. Utter croc.

We'll be lucky to do better than a 25% drop by to year end at this rate.

UK is already showing a 20% drop in GDP for just the last few months since Covid started
Of course our numbers will look better than the UK. You've forgotten our secret weapon.

An incompetent stats department.
 
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TelkomUseless

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Mar 13, 2006
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I'm shocked /s

Well for 26 years the goverment (ANC) has been chasing away investors, anti-western sentiments, they praise Zim's downward spiral, they dropped SA in junk status, land issues, statue capture...

Sooner or later SA will buckle because people keep voting in for these twats. And the whole scariest part? They (ANC) have ZERO idea how to solve it. Look at CR's response in the BEE video. He goes on a rant for 30 min about BEE and history.. but gave 0 indication of a PLAN to get SA out of the ditch.

Keep the hate going for whites .. that is how ANC is still in charge.
 

R13...

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Do you trust anything coming out of Stats SA?
What cause do you have to mistrust them? They've made some mistakes in the past (and oh, the UK one have also come under criticism for getting thins wrong and upsetting politicians, but that doesn't mean you mistrust them wholesale), but there's no reason to believe they're being malicious.
 

GhostSixFour

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What cause do you have to mistrust them? They've made some mistakes in the past (and oh, the UK one have also come under criticism for getting thins wrong and upsetting politicians, but that doesn't mean you mistrust them wholesale), but there's no reason to believe they're being malicious.
Well, for one thing, the corona numbers thus far seems to be made up.
We're 14th on the list of total cases, but our new cases are like the third in the world? I know, there's lots of factors and maybe it isn't StatsSA that's to blame, but any state run organisation gets a hefty "that's a no from me dawg".
 

R13...

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Well, for one thing, the corona numbers thus far seems to be made up.
We're 14th on the list of total cases, but our new cases are like the third in the world? I know, there's lots of factors and maybe it isn't StatsSA that's to blame, but any state run organisation gets a hefty "that's a no from me dawg".
What do corona numbers got to do with StatsSA?
 
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