South Africa’s economy shrinks by 1.2%, raising prospect of recession

“South Africa’s economy contracted by 1.2 percent in the first quarter of 2016, raising the prospect of a recession if growth for the current quarter comes in negative.

Gross domestic product (GDP) data from Statistics SA showed on Wednesday that the economy shrank 1.2% in the first quarter of 2016 compared with growth of 0.4% in the fourth quarter of 2015.

The Reserve Bank had expected the year-on-year figure to be “barely positive”‚ following year-on-year growth of just 0.5% in the final quarter of last year.”

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Central Business District  
The following incentives are proposed:
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  • 50% discount on Capital Contributions with the balance to be paid over two years
  • One-part electricity tariff up to 60 amps indefinitely. In the case of connections exceeding 60 amps, the consumer will be refunded 50% of the transformer costs after a period of one year provided that the electricity consumption for the installation is not less than 1000kwh/month or 12000kwh/annum
  • Commercial refuse tariff up to a maximum of three refuse bags indefinitely
  • No sewerage service charges to be levied for the first year
Desirable Developments  
The following incentives are proposed:
  • 50% discount on building plans
  • 25% discount on Capital Contributions and the balance to be paid over two years
  • One-part electricity tariff up to 60 amps indefinitely. In the case of connections exceeding 60 amps, the consumer will be refunded 50% of the transformer costs after a period of one year provided that the electricity consumption for the installation is not less than 1000kwh/month or 12000kwh/annum
  • Commercial refuse tariff up to a maximum of three refuse bags indefinitely
  • No sewerage service charges to be levied for the first year

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