SA Q1 GDP shrinks by 2.2%

The South African economy has shrunk by 2.2% in the first quarter against an expansion of 3.1% during the last quarter. This marks the largest quarter-on-quarter decline since the 2008 2009 financial crisis with the largest negative contributors to GDP growth being agriculture, mining and manufacturing while finance, government, business services and real estate all made positive contributions. We've had what almost seems like ambitious growth targets for this year, Treasury expects growth of 1.7% while the World Bank and the IMF expects growth of 1.5% or more. At this stage, a contraction in the first quarter and 0.8% year-on-year growth, we're not off to a good start. Maarten Ackerman, Chief Economist at Citadel joined Business Day TV to discuss what this print suggests for growth going forward.