The market had expected a drop, but the showing was far worse than most forecasts, adding to pressure on new President Jacob Zuma, who took office just two weeks ago promising to create jobs and fight poverty.
The market had expected a drop, but the showing was far worse than most forecasts, adding to pressure on new President Jacob Zuma, who took office just two weeks ago promising to create jobs and fight poverty.
"The world deteriorated beyond expectations ... (As we are) very dependent on foreign trade there was no way we were going to escape from that," said Johan Rossouw, chief economist at Vector Securities and Derivatives.
Seasonally adjusted real GDP for the first quarter of 2009 decreased by an annualised rate of 6.4 percent compared with the fourth quarter of 2008, said the Statistics SA, the government's compiler.
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